For many years, our colleagues at Altman Weil have been tracking merger and acquisition activity among US law firms. In 2017, they track 102 such combinations. The average size of the acquired firm is 27 lawyers with the Southern US identified as the most active region. Here are a few other highlights in this year’s MergerLine report.
- Law Firm Merger/Acquisition Activity at All-Time High
Altman Weil has been tracking mergers and acquisitions since 2007. Since a post-recession low of 39 in 2010, law firm acquisitions have steadily climbed to 91 in 2015, 85 in 2016 and 102 in 2017.
- BigLaw Continues to Get Bigger
The average size of the “acquiring” law firm was 982 lawyers. Dentons now has a staggering 7,800 lawyers in its ranks. Norton Rose had two major acquisitions in 2017 and has grown to 3,800 lawyers.
- No Let Up in Sight
Most managing partners, in-house counsel and consultants to the legal profession project that consolidation and convergence will continue both globally and wiring the US.
- Opportunity Abounds for Mid-Size Firms
We believe that well-run smaller and mid-size law firms – that is to say firms with a plan, leadership, accountability and firm-first culture – sit in a great place to take advantage of long-term trends impacting the profession. Bigger is not always better!