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Making Merged Firms Work As One
Why Law Firms Merge
Law firms merge for the below offensive and defense reasons:
- To increase their opportunities for retaining a client base;
- To enhance their capacity to serve larger and more prestigious clients;
- To broaden the geographic area(s) served by the merged firm;
- To derive benefits not otherwise available, ie, the synergistic effect);
- To strengthen or add specialty areas to satisfy requirements of present and future clients; and
- To correct structural imbalances, ie, to offset the departure of partners, the experience level of attorney personnel, etc.
Finding a merger candidate can be a daunting process. However, integrating a merged group of attorneys into a “new” firm's culture, practice environment and organizational structure so that attorneys from both firms work as one may be a greater challenge.
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