The prime time for a law firm to merge is when a combination is not necessary to its survival, according to consultants; however, partner hold-outs refusing to consider a merger or specific merger partner can cause a firm to miss this ideal window of opportunity, resulting in long-term consequences or even in its eventual demise.
According to one industry insider, “lower-performing partners are often fearful of a merger and what it would mean for them,” and further suggested that there were signs this reluctance lurked behind the recent decision by beleaguered firm Stroock & Stroock & Lavan to opt for dissolution.
