The National Law Journal is reporting on the current “slew” of mid-sized firm mergers:
In the past week, at least five small and midsize firms have said they are merging or boosting their attorney ranks. New York-based Anderson Kill & Olick announced that it is merging with San Buenaventura, Calif.-based Wood & Bender. Both firms specialize in insurance recovery, and the merged firm will have nearly 100 attorneys.
Denver-based Sherman & Howard announced it is merging with litigation boutique Netzorg McKeever Koclanes & Bernhardt, also based in Denver, as well as with Phoenix-based Mohr, Hackett, Pederson, Blakley & Randolph. The combination will bring Sherman & Howard’s attorney headcount more than 190.
Newark, N.J.-based Sills Cummis & Gross is merging with New York-based Silverberg Stonehill Goldsmith & Haber. The nine additional attorneys from Silverberg Stonehill will expand Sills Cummis’ New York office. Columbia, S.C.-based Nexsen Pruet
has scooped up Raleigh, N.C.-based Sanford Holshouser, while Portland, Ore.-based Miller Nash has added four attorneys from Newcomb, Sabin, Schwartz & Landsverk.
We already reported on several recent mergers.
The reason for all the merging is obvious — firms need to save money and find new sources of capital. Combining resources with another firm (or letting them buy you out and calling it a “merger”) is one way to do that — once you’ve already cancelled bonuses, frozen salaries, and extorted money from partners.
Also, what are all these mergers going to do for law firm name bloat? I mean, what’s that new merged Denver firm going to be called? Netzorg Mohr Sherman McKeever Hackett Howard Koclanes Pederson Blakley Randolph & Bernhardt?
Via NLJ.