Total law firm mergers increased only slightly in 2023. But cross-border and large-firm mergers, typically more complex than smaller, domestic tie-ups, surged, according to a recent report. And with some experts saying merger interest remains at an “all-time high,” combinations may have nowhere to go but up in 2024.

Fairfax Associates tallied 48 total law firm mergers in 2023, a “modest” increase from 44 in 2022, according to a report this week. But the number of cross-border combos, which may have gotten riskier during the pandemic and as geopolitical tensions increased the last couple years, went up from two to four.