A mistaken and dangerous belief pervades much thinking about the U.S. legal market: that it is consolidating as larger firms grow more quickly than the market by taking share from their smaller rivals. A thoughtful look at the numbers reveals that no such consolidation is happening. This is an important correction to the prevailing wisdom. The mistaken perception of consolidation drives firms to bulk up—by merging, acquiring and hiring laterally—to avoid being at a competitive disadvantage. Such moves are high-risk, disruptive distractions for leaders whose attention is better focused elsewhere. Despite the intense effort involved, they create no strategic advantage. Wise partner groups and firm leaders will see past the prevailing dogma and focus instead on optimizing the performance of organically growing businesses.
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Consolidation Is Simply Not Happening
