Data from Altman Weil MergerLine has suggested that 2016 may match or even eclipse the record number of US law firm tie-ups announced last year. Merger plans were announced by 48 firm pairings in the six months to June – more than half of the 91 deals recorded for the whole of 2015. Firms in New York and Florida have been particularly active, with most mergers occurring between firms already based in the same city or state. Meanwhile, 93 per cent of combinations announced this year have involved a firm with fewer than 25 lawyers, as smaller firms hunt for life rafts in an increasingly tight national legal market. ‘There’s more competition for less work, and small firms need a strategy to avoid being squeezed out,’ commented Altman Weil principal Eric Seeger in the New York Times. ‘That may mean building a bigger platform or being acquired by a firm that already has a broader foundation.’
Source: New York Times
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