Source: Reuters
U.S. law firm mergers increased slightly in 2023, with 48 such deals completed during the year, according to data released on Tuesday by legal consultancy Fairfax Associates.
Fairfax said its figures showed more combinations between large U.S. law firms and more U.S. law firms combining with overseas firms. There were two more combinations last year than in 2022, which was the busiest year since the COVID-19 pandemic.
The largest cross-border merger implemented in 2023 was Dentons’ combination with Indian law firm Dentons Link Legal , giving the global law firm a domestic foothold in India’s large but historically isolated legal market. Dentons also de-coupled from its Chinese arm Dacheng Law Offices last year, however, removing thousands of lawyers and employees from its ranks.
Kent Zimmermann, who regularly advises large law firms on mergers, said his consulting firm Zeughauser Group is actively advising on multiple merger discussions, including involving top-ranked U.S. firms. Zimmermann said some law firm leaders have unrealistic expectations for potential merger partners, like hoping to combine with a 75-lawyer New York firm with a private-equity transactional practice.
Read full article: https://www.reuters.com/legal/transactional/us-law-firm-mergers-ticked-up-last-year-more-deals-loom-2024-2024-01-02/
