In just eight short months, law firm mergers have increased by 79 percent which means that law firm mergers are at an all time high. It is believed that the downward spiral of the economy may be the partial reason as to why the mergers have increased so drastically. The United States is currently dealing with one of the most devastating recessions of all time. In fact, most people and companies compare the current recession to The Great Depression which began in 1929. While law firms have merged together for years as a strategic move, many law firms are now merging with other law firms to works as one company instead of several individual companies as a means of survival during such a rough economy. A merger is typically designed to combine one or more companies together. When the two companies come together to merge, they must make a mutual agreement about the merge with one another. Because the economy has not improved over a period of time, many of the law firms in the United States have felt that it would be beneficial to merge together with other separate law firms as one. The principal of Altman Weil, Ward Bower, has said, “During the recession and in the immediate aftermath of the recession, firms were in what I’m going to call a ‘survival mode,’ not a strategy mode.â€Â Some law firms use a merge as a means of strategy but because of the recession, it is likely that most firms are using it as a means of survival. He also said, “Now that the economy has grown, they’re dusting off their strategies.” Since there has not been much change to the economy from 2010 to 2011, law firms are still doing what they can to continue to thrive and be successful. In Pennsylvania alone, six mergers have taken place from the months of January to September. Of those six mergers in Pennsylvania, four have taken place in the Philadelphia area. While many mergers have taken place in Philadelphia, there have not been any mergers in Pittsburgh...
Joseph Flom passed away last night in a New York hospital from hear failure. The last living named partner at Skadden, Arps,...
Good morning everyone! Today is Tuesday, November 16, and here’s a quick look back at Monday’s headlines… Threats against social security judges...
Michael Sohn, former chairman of Arnold & Porter, has joined Davis Polk & Wardwell’s Washington office as general counsel. Sohn joined Arnold...
Spencer Klein has joined the corporate practice of Morrison & Foerster as a partner in its New York office. Klein, who was...
Christopher W. Kirkham has been named a partner in the San Francico office of Wilson Sonsini Goodrich & Rosati. He joins the...
After 10 years at the helm, Rodgin Cohen is stepping down as chairman of New York’s Sullivan & Cromwell. Corporate real estate...
SJ Berwin’s 12th office and 2nd office in East Asia has opened in Shanghai. The Shanghai office will focus on Mergers and...
