By the time Pepper Hamilton was preparing for a merger with Troutman Sanders, the firm had already taken a serious look at its finances—both in terms of making itself an attractive merger partner and knowing what to look for in a potential combination.

“We did a lot of work,” said Tom Gallagher, the chair of Pepper Hamilton’s executive committee and soon-to-be vice chair of Troutman Pepper Hamilton Sanders when the merger becomes official next month. “Our preparation was so good that when we received calls, we were able to determine early on whether it was worth moving forward.”