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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.
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By Lawrence L. Bell
In this two-part article, we look at the proposed tax law changes in the budget reconciliation bill — the major legislation in 2021.
By Anthony Davies
The law firm office cannot remain unchanged, as if frozen in time set to some date prior to the onset of pandemic, when the terms and meaning have all changed. In fact, the office must now provide benefits or an experience the lawyers and staff cannot get at home.
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Attorneys need their clients to see them as a trusted advisor and partner in their legal solutions. If the lawyer takes time at the beginning of the relationship to establish expectations, then future conflicts can be avoided or resolved more quickly.
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