Mergers and acquisitions of law firms of all sizes have become increasingly common as competition for talent and business intensifies and leading firms dominate the market in size and profitability. Lawyers and law firm leaders contemplating the future of their firms need to understand the changing dynamics of the market, and the ways in which mergers and other combinations may or may not help them fulfil their aspirations. Law Firm Mergers offers both law firm leaders and all partners a way to approach the issues, highlighting the best practices gleaned from successful combinations.
Beginning with an overview of the forces driving consolidation, it discusses how to formulate and get buy-in for a strategy and how to view a merger as a potential vehicle to accelerate progress. It looks at the advantages and disadvantages of combining with other firms, and offers practical insights about the process – from the best ways to identify and evaluate potential merger candidates, to how to approach those firms, to navigating the negotiations, and common deal terms that can bridge differences over crucial factors such as compensation, capital, and governance. Beyond the financial and strategic challenges faced by firms evaluating a merger, this title also delves into the cultural and human issues that can make or break a merger, from the best way to handle sticking points in negotiations to the ways in which firm leaders can muster support internally and head off opposition from their own partners.
Full of practical tips and laced with candid, first-hand insights from leaders who have successfully guided their firms through mergers, this Special Report will be the essential guide for a successful and prosperous law firm merger.
विषयसूची
Foreword 7
Peter Zeughauser
Zeughauser Group
Acknowledgements 11
I. Understanding the flywheel effect 13
1. Introduction 13
2. Some firms are pulling away from the rest in size and momentum 14
3. Compounded growth is a crucial factor 16
4. Within a peer group, larger and more profitable firms have important advantages 17
5. The prospect of a merger can force a firm to address problems 17
6. The risk of doing nothing also has to be weighed 18
Management perspectives 22
II. Designing a strategy around strengths 29
1. Formulate a strategy that extends existing strengths 29
2. Take a hard look at your firm 30
3. Identify opportunities to exploit 31
4. Look for firms that share your strengths and aspirations 32
5. View the issue through strategy 36
6. It pays to be patient 36
Management perspectives 37
III. The special perspective of the smaller firm 41
1. Staying small has drawbacks, however 41
2. The cost of doing nothing is not nothing 43
3. There are tangible advantages to scale 43
4. How to begin evaluating the option 45
5. What to do if you want to go forward 46
IV. Missing the window, or not 47
1. Perform an honest self-evaluation 47
2. Signs the window could be closing 49
3. Standing still carries risks 50
4. Addressing weaknesses 50
Management perspectives 51
V. Taking the driver’s seat 53
1. Being reactive carries risks 54
2. Agree on criteria and frame the discussion around those 54
3. Consensus on the criteria lays the groundwork for a deal later 56
VI. Drawing up the list 57
1. Framing the initial criteria 58
2. Conducting the first screen 60
3. Profiling the most appealing candidates in depth 61
4. Prioritising your targets based on your criteria and feasibility 62
VII. The approach 65
1. Do your homework and gauge your audience 66
2. Dealing with the sceptics 70
3. Keeping quiet and preparing for leaks 73
Management perspectives 74
VIII. The second meeting and beyond 75
1. What to ask for 75
2. Start fleshing out the upside 78
3. Develop a process and a timeline 78
4. Identify make-or-break issues and work through them 79
5. Voice concerns and state priorities, not demands 81
6. Start planning how to communicate with clients 82
7. Be flexible about the legal structure 82
8. Think creatively 82
9. Avoid flipping a switch that will leave someone in the dark 84
Management perspectives 85
IX. Getting partners’ approval 89
1. How to structure a vote 91
2. How to deal with vocal opposition 91
Management perspectives 93
X. Making the deal a success 95
1. Frame a shared strategy 96
2. Build momentum 96
3. Develop and track but-for revenue 96
4. Foster and measure cross-firm collaboration 97
5. Compensate partners for fulfilling the merger goals 97
6. Leaders set the tone 97
Management perspectives 98
Notes 101
About the authors 102
About Globe Law and Business 104
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