Slowed Rate of Law Firm Mergers Reflects Overall Caution
Law firm M&A activity has slowed during the second quarter of this year, the legal consultancy Hildebrandt reports.
There have been nine completed mergers and acquisitions involving U.S. law firms this quarter, compared to 14 during the same period in 2008.
Still, because M&A activity in the first quarter was active, total mergers for the first six months—42 in all—remain ahead of last year, according to Hildebrandt’s MergerWatch.
Interpreting the latest data, Hildebrandt’s Lisa Smith says, “While interest in mergers remains high, the slower activity in the second quarter reflects overall caution on the part of firms, as well as a focus on the abundance of lateral partner opportunities.”
Here are the M&A highlights so far this year:
• The largest merger in this quarter was between McGuireWoods and the British firm Grundberg Mocatta Rakison, the only cross-border merger.
• Coming in second was the merger of Chicago’s Schuyler Roche and Crisham & Kubes.
• Internationally, there were 18 mergers involving law firms outside the U.S. during the second quarter. Most active was the U.K., which had nine domestic mergers and one cross-border merger.
