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How to Approach a Law Firm Merger/Acquisition
Many law firms ' of all sizes and types ' believe that their future organizational and financial security is linked to growth and/or diversification. They are seeking the lateral addition of experienced lawyers through the acquisition and merger of practices. These firms are seeking to anticipate trends of their clients and in legal practice.
The merging/acquiring of practices results from a variety of situations, including: elderly lawyers in firms blending their practices with small, medium-size or larger law firms; large city law firms seeking to combine their respective talents and practices; expatriates from larger firms forming smaller boutique law firms; government attorneys moving back to private practice; and spin-offs from seemingly successful firms.
Small firms may merge or be acquired to meet the competition of larger firms (which reached their size by merger or acquisition). Sole proprietors may opt for the partnership or professional corporation form by merging the talents of younger lawyers into an established and growing practice.
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