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Over the past two years, I have been involved in three merger situations and I am currently working on two more. I have worked closely with the managing partners and committees of these firms and have come away with the following factors that, I believe, determine the success or failure of law firm merger discussions.
Some of the factors overlap along the edges, but I have presented them as separate entities for clarity. They are:
In my 30 years of consulting to the legal profession, law firm mergers have become commonplace, not the “Black Swan” of the 1980s or even the one-a-week of the mid-2000s. There were 91 mergers in 2015, and the pace in 2016 appears to be ahead of that record year. Based upon my experience, if 91 mergers were completed, 200-300 were discussed in some manner or another. With that in mind, let's look at the success factors in more detail.
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