Volatile Market May Offer Opportunities for Law Firm Mergers

There were 14 new law firm mergers and acquisitions announced in the United States in the third quarter of 2008, according to a new report from Altman Weil MergerLine, the legal consultant's online tracking service.

Third quarter deals are down from 26 last year. But so far this year, there have been 58 deals, which is outpacing last year's number of 44, according to the report.

"The volatile economy may have a short-term negative impact on deal-making, causing some law firms to hunker down," Altman Weil principal Ward Bower said in a news release. "But cash-strong, well-capitalized firms will use the economic challenges faced by others as an opportunity to grow market share through acquisition."

The numbers issued by Altman Weil on Tuesday are similar to those issued in another report this week, Hildebrandt International's MergerWatch. That report said there were 13 mergers in the third quarter of 2008. That report counted 49 mergers in the first nine months of 2008, compared to 47 mergers for the same period last year.