It’s been an interesting couple of years in the business of law firms. According to Altman Weil Inc., the record pace of law firm combinations we have seen is likely to continue, and maybe even increase. This leads to a question: Why are firms combining at an unprecedented rate?
In 2017, over 70% of the combinations reported were smaller firms (2-20 attorneys) affiliating with larger platforms, according to Altman. This is a great step for small firms looking to grow existing client relationships and wanting to build new ones.
Many times there are opportunities that could be the right fit for your firm, but maybe you don’t know where to start. A combination with another firm should be an extension of your core beliefs, approach to practice and your culture. If a combination is something of interest, it’s wise to seek independent advice.
Nate Bogdanovich
Law Firm Hiring and Combination Expert
PS-Companies