Midsize Law Firms Are Seeking Mergers Amid Succession Challenges | The Recorder - Law.com

What You Need to Know

• Law firm consultants say smaller and midsize firms have resumed merger talks with larger players.
• Deals are driven in large part by a desire to secure the next generation of leadership.
• Succession planning has become more challenging amid the pandemic, as more young lawyers leave their firms.

A desire to secure leadership for the future is driving midsize firms to resume merger talks and strike deals that were largely put on hold in the wake of the pandemic, consultants say.

Combinations among midsize and boutique firms often occur when an entity recognizes it needs more management strength, which could enable it to afford the things it can’t on its own, such as marketing and business development staff and technology. That motivation has only grown in the past decade as firms see a cohort of business-generating senior leaders nearing retirement.

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source: https://www.law.com/therecorder/2021/12/01/midsize-law-firms-are-seeking-mergers-amid-succession-challenges/

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