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Dealing with Merger Financial Data
When two law firms undertake merger discussions, they eventually exchange financial information. Typically, this exchange is anticipated from both a curiosity standpoint as well as a practical standpoint. Ultimately no merger will occur if it does not make good economic sense; therefore, critical financial review is essential. In our experience at Hildebrandt International, Inc. certain missteps involving the financial review appear repeatedly. Here, we have compiled a short list of do's and don'ts to combat avoidable problems related to merger financials. This list is not meant to be all-inclusive; rather, these are some suggestions for those unaccustomed to financial merger analysis.
1) DO focus on accurate census data.
Census data tracks the number of individuals in each title category (e.g., equity partner, associate, secretary, etc.) and should be tracked on a full-time equivalent ('FTE') basis. This means that a full-time, full-year individual is counted as 1.0 and an individual that works part-time or is employed for only part of the year is counted as a partial FTE (e.g., 0.5, 0.7). Accurate FTE calculations form the foundation for most law firm financial analyses, yet the figures are often compiled incorrectly. As a quick test, if census figures received from the other firm do not contain decimals, then its data may have been compiled incorrectly.
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