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Conventional wisdom has it that mergers enhance profitability through increased revenues and reduced costs. However, the numbers contradict this view: post-merger revenues are lower relative to competitor firms than are the sum of the predecessor firms’ revenues, and costs per lawyer increase markedly.
The evidence is unambiguous: mergers increase profitability. The merged entities resulting from intra-Am Law 200 combinations climb an average of 23 places in the profit-per-equity-partner (PPP) rankings from the five-years before to the five years after the merger. Average compensation for all partners rises by a comparable amount — 18 places over the same time period.
By Joel A. Rose
Strong Hands-on Leadership is Crucial in Today’s Competitive Practice Environment
A financially and professionally successful law firm does not simply evolve. It must be built in an orderly and systematic manner. The values important to a firm have to be identified, defined, organized and centrally placed. The responsibility for achieving these goals must be keyed to an organizational factor. Whether this is a committee or an individual, ultimately someone must be responsible.
By Rob Mattern
Back in March of this year, we predicted changes and trends the results of the 2018 Mattern Cost Recovery Survey would reveal. At that time, we got our…
By Mark Beese
Design Thinking — a creative process for innovation — has become a staple topic in MBA programs and tech companies, it is just now showing up in law practice management circles.
By Nicholas Bruch
EY’s Announcement That It Is Acquiring Riverview Law Could Accelerate the Pace of Change in the Legal Industry
There has been much talk in the past year that the Big Four were sniffing around the alternative legal services market looking for an acquisition. That wait is now over. Here is an analysis of how the acquisition may impact different sections of the legal market.