The legal sector is facing a period of rapid change. The Legal Services Act has come into force and there is widespread expectation of continued consolidation amongst law firms.
BDO recently undertook a short survey of more than 100 law firms to further explore attitudes towards mergers and acquisitions, and a selection of the findings are set out below:
There are many different reasons for undertaking a merger, including gaining access to new markets, increasing firm profitability, expanding the range of services provided, paving the way for partner retirement etc. It is vital that partners are collectively clear what the reasons for seeking a merger actually are, and what the associated implications will be.
Whilst each firm will have its own particular requirements when considering a merger the biggest challenge is often about ensuring a good cultural ‘fit’. The starting point then, is in having a clear understanding of your existing culture and then exploring the extent to which a potential merger partner’s culture is likely to be consistent with your own.
If you would like a full copy of the findings please email me: firstname.lastname@example.org
Telephone: 020 7893 3460 Email Benjamin