Q. I am on the management committee of our small/medium-size law firm. It seems to be more of a challenge these days to remain independent, and we have noticed that a number of firms like ours have been acquired. We have had preliminary discussions with a few firms that have approached us over the years, but they never really progressed, and these seemed to be a waste of our time.

Although we would like to stay independent, we are beginning to feel that we have a fiduciary obligation to our partners to at least be more open to these inquiries. How do we do this but still try to minimize the time drain that we have experienced? Any specific advice on other things we can do to prepare for this process?

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