Law Firm M&A Ticks Up, but There's Room for More
The legal industry is on track to log more U.S. law firm combinations this year than last, but firm mergers and acquisitions are a far cry from what the sector saw in the years leading up to the pandemic, data released Monday reveals.
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Law firm management has made a massive investment in pandemic-related adjustments to the workplace and personnel, from remote working to health protocols and new hiring, said Bank Rome partner Barry Genkin, an M&A adviser to a number of types of entities including law firms.
And that has meant less time spent thinking about any major mergers.
"Everyone is still very preoccupied with dealing with COVID-related issues," Genkin said. "What happens when you do one of these large megamergers is [that] it's a significant drain on personnel, time, and energy of leadership, and it becomes a question of bandwidth."
"A lot of law firm management is taking the position that we can't afford the distraction of spending six to nine months on a major acquisition because we would be taking our eye off the ball, which is running the firm and making sure it is doing well and prospering," Genkin added.
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“Law Firm M&A Ticks Up, but There's Room for More,” by Aebra Coe was published in Law360 Pulse on October 4, 2021.