According to Altman Weil MergerLine, after a highly active first half of 2016, the pace of combinations slowed considerably over the summer. Just twelve law firm mergers were announced in the US in the third quarter, with all but one acquisitions of firms with under 20 lawyers. Altman Weil principal Tom Clay commented: 'One quarter does not make a trend. There may be a number of deals closing in the fourth quarter, but we could be seeing a slowdown because there is not an infinite inventory of desirable acquisitions.'
Canadian acquisitions
Two US-based mega-firms announced acquisitions of Canadian law firms in the third quarter; the largest deal announced in the quarter was Norton Rose Fulbright’s upcoming combination with Bull Housser, a 92-lawyer firm in Vancouver. DLA Piper will acquire 16-lawyer, Toronto-based IP firm Dimock Stratton. In other large firm moves, 1,700-lawyer, Chicago-based Kirkland & Ellis acquired 17-lawyer, Washington DC appellate litigation boutique Bancroft PLLC, while Paul Hastings, a 900-lawyer firm based in New York City, added six-lawyer SEC enforcement boutique Zaccaro Morgan in Los Angeles.
Mid-sized mergers
Three mid-sized firms made in-state deals. Detroit-based, 350-lawyer Clark Hill picked up Axe & Ecklund, a 2-lawyer municipal finance firm in Grosse Pointe, Michigan. Floridian firm Greenspoon Marder added to its 185 lawyers through a combination with the 5-lawyer Florida Health Law Center in Fort Lauderdale. Bingham Greenebaum Doll, a 210-lawyer firm based in Indianapolis, acquired 2-lawyer mineral law specialists Rhine Ernest in Evansville, Indiana. The complete list of law firm mergers and acquisitions announced to date in 2016 as well as an archive from prior years and a nine-year trend summary are available at: www.altmanweil.com/MergerLine.
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