header-logo header-logo

Consolidation matters

28 February 2019 / Joanne Cracknell , Jonathan Angell
Issue: 7830 / Categories: Features , Profession , Legal services
printer mail-detail

Joanne Cracknell & Jonathan Angell discuss the best strategies for reducing risk in law firm acquisitions

  •  Covers the key components to a successful law firm acquisition: planning early, implementing a strategic business plan, conducting thorough due diligence and patience.

Consolidation activity is commonplace within the legal services market and 2018 drew to a close with several high-profile transactions.

The decision to acquire another business can be extremely effective in the growth, innovation and diversification of a law firm but such decisions cannot be made hastily. Buying another business can be challenging and complex, so careful planning and management, together with conducting proper due diligence, are essential to a successful transaction.

Every transaction is unique, so there is no ‘one-size-fits-all’ approach or silver bullet for risk management leading up to, during, and after the transaction. However, certain risks are often overlooked when legal firms make acquisitions. The due diligence exercise should be a comprehensive appraisal of the assets and liabilities of each firm. One of the principal aims of such an exercise is to

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Mourant—Stephen Alexander

Mourant—Stephen Alexander

Jersey litigation lead appointed to global STEP Council

mfg Solicitors—nine trainees

mfg Solicitors—nine trainees

Firm invests in future talent with new training cohort

360 Law Group—Anthony Gahan

360 Law Group—Anthony Gahan

Investment banking veteran appointed as chairman to drive global growth

NEWS
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
back-to-top-scroll