Editor’s Note: This is the third in a series by Hugh Simons on law firm mergers. The first piece on how mergers succeed can be found here and the second piece on turning a firm with declining profits into an accretive acquisition can be found here.

A merger is not a strategy; rather, a merger can be a means for a firm to drive forward its strategy. This truism warrants some unpacking. What exactly is a strategy? In theory, how might a merger move one forward? In practice, what tends to happen?

Strategy and Mergers: Theory