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Accounting and Financial Planning for Law FirmsFeaturesLaw Firm ManagementLaw Firm Marketing and Business DevelopmentLaw Firm Mergers

Is Consolidation Coming to a Firm Near You?

By Harold Westervelt
August 01, 2023

In early July, Fairfax Associates, a respected source that tracks industry consolidation, released its latest report tracking law firm mergers and acquisitions. The midyear report cites an increase in transactions over the past couple of years, though still not at their pre-pandemic pace. The overall uptick in activity among firms of all sizes suggests an acceleration in mergers will continue throughout 2023 and into 2024.

Questions about the role of AI in the legal market continue to dominate current headlines, but firm consolidation remains a big part of the transformation the industry is undergoing. And yes, technology and automation are playing key parts in this. As firms merge or acquire others to expand their capabilities and client base, a streamlined approach to attorney onboarding and offboarding has become essential.

Automation in Onboarding and Offboarding: A Firm's Competitive Advantage

Efficient integration of lateral attorneys into a firm's structure and ensuring a smooth transition for departing attorneys are critical to maintaining operational continuity and preserving client relationships. Automation plays a pivotal role in achieving these objectives and can greatly benefit firms, preparing them for acquisition and helping them navigate the challenges associated with lateral attorney moves.

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