Posted Jul 07, 2011 05:52 pm CDT
Acquisitions of smaller law firms dominate a list of law firm mergers and acquisitions compiled by a legal consulting firm.
Out of a dozen mergers and acquisitions in the second quarter, 10 involved acquisitions of firms with 20 or fewer lawyers, according to the report by Altman Weil Merger Line. The other two involved the acquisition of firms with fewer than 50 lawyers. The Am Law Daily has the story.
The total number of law firm combinations through June is 28, up 47 percent compared to the same period last year, according to an Altman Weil press release.
Altman Weil principal Eric Seeger explained in the press release why smaller law firms are interested in mergers. “A lot of smaller firms are finding themselves with aging leaders and rainmakers who are getting ready to retire,” he said. “Being acquired can be a good succession plan for a firm in that situation.”
Many midsize firms, on the other hand, have already merged or have spun off from other firms and want to stay independent. “In the most desirable acquisition markets, there are few prime law firm targets left,” Seeger said.