Small Firm Struggles Make for Midsize Firm Growth
Midsize firms are hungry for niche services and geographic expansion, and as small firms struggle to meet client needs, the time is ripe to feed that appetite.
According to ALM reports and Altman Weil MergerLine, which tracks law firm mergers, 70 law firm combinations have taken place so far in 2018. Of those, 30 involved a midsize firm acquiring a smaller shop.
Meanwhile, midsize firms are doing what they can to gain market share, both by practice area and geography.
“Once clients see and understand that the law firm is either treading water or stagnating, it’s really hard to retain clients, but also retain lawyers,” said Barry Genkin of Blank Rome, an M&A lawyer who has worked on several law firm combinations. Mergers signal to clients, lawyers and potential lateral hires that a firm is thinking about the future, and looking to improve its services, he said.
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“Small Firm Struggles Make for Midsize Firm Growth,” by Lizzy McLellan was published in The Mid-Market Report on August 23, 2018.