Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Law Firm Mergers and the Economic Outlook for 2019
As law firms endeavor to survive in an increasingly competitive world, one strategy picking up steam is the law firm merger. 2018 was a banner year for mergers as firms moved at a rapid pace to complete more acquisitions than in years prior. Some advisers point to the challenges that small law firms are currently facing amid all of the changes in traditional ways of practicing law, such as automation of many legal services and downward fee pressure as reasons for the uptick in M&A activity. Artificial intelligence, for example, is making an impact in law firms as this new technology is reducing the need for hundreds, or in some cases, thousands of hours that would otherwise be spent by young attorneys performing document review tasks.
Clients simply would prefer that this new technology perform such repetitive tasks as opposed to a team of attorneys doing things the old fashioned, and of course, more costly way. In this article, we recap law firm merger activity in 2018 and consider the economic outlook for law firm mergers for 2019.
2018 In Review
Law firms completed a record 106 mergers during 2018, according to Altman Weil, Inc. The 106 mergers represented an increase of five mergers from the previous year, and 33 mergers above the average of 73 transactions that have taken place over the prior ten year period. Some law firms merged to get a foothold into a new geographic area. Of the 106 mergers, 57 involved law firms acquiring practices located outside of their home state. Fourteen of such transactions consisted of acquisitions of firms situated outside of the United States. New York City, home to one the world's most high profile financial services sector was the geographic market most targeted in 2018 with eight firms from the Big Apple being acquired last year.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.