Mergers and acquisitions have always been big business opportunities for law firms, but now it seems that legal businesses are turning this attention on themselves. The drive towards creating a more corporate profession has led to a boom in law firm mergers, resulting in the creation of ever-larger practices. Recent announcements, such as Irwin Mitchell’s plans to merge with Scots firm Golds to form a 1,200 fee earner superfirm, or south Yorkshire’s Atteys’ decision to join forces with local rival Richmonds, show that many believe big is beautiful.
A merger announcement is, however, just a small part of taking two separate organisations and turning them into one successful business. The logistical and cultural challenges this presents are not for the faint-hearted and require management and planning long before and after the physical merger has taken place. What any firm considering this course of action must do first is ask itself why it is doing so and what it wants to achieve.
