US Law Firm Mergers Slow
09 November 2012
Law firm merger activity in the US decline during the second quarter of 2009, with a total of nine completed law firm mergers and acquisitions involving US law firms. This compares with 14 completed US mergers in the second quarter of 2008, and 14 in the second quarter of 2007, according to legal consulting firm Hildebrandt.
Because the first quarter was a very active period, merger activity for the first six months of 2009, with 42 completed mergers, remains ahead of last year. One merger has been announced and will be completed in the third quarter.
“While interest in mergers remains high, the slower activity in the second quarter reflects overall caution on the part of firms, as well as a focus on the abundance of lateral partner opportunities,” said Lisa Smith, head of Hildebrandt's law firm strategy and merger practice.
The largest US merger of the second quarter of 2009 was the merger between McGuireWoods and UK firm Grundberg Mocatta Rakison; this was also the only cross-border merger involving a US law firm. The second largest merger was between Chicago firms Schuyler Roche and Crisham & Kubes.
Globally, there were 18 mergers involving law firms outside the US during the second quarter of 2009. Three of these were cross-border mergers, involving firms in Belgium, Italy, and the UK. The most active market was the UK, with nine domestic mergers in addition to one cross-border combination. There were also two domestic mergers in Italy
