Bloomberg Law Big Law Business – Law Firm Mergers Off to Strong Start in 2019
- Most firms acquired have fewer than 20 lawyers
- A small firm can open doors for the acquirer in a practice or geographic area
This rapid rate of consolidations so far in 2019 appears to be in line with last year’s pace. In 2018, the industry saw a record-setting 106 law firm mergers.
Combining large firms can be fraught with complications in areas such as compensation, client conflicts and leadership responsibilities, but smaller firm acquisitions can sidestep some of these problems.
“We’ll continue to see the occasional ‘large plus large’ merger[,] but most of our large law firm clients are pursuing serial acquisition strategies rather than big, identity-changing mergers.”
Bloomberg Law Big Law Business – EY Continues Legal Push, Acquires Thomson Reuters’ Operation
EY announced April 3 an agreement to buy Thomson Reuters Pangea3 Legal Managed Services from the media giant in a deal expected to close in the second quarter of 2019. “The EY Law practices will connect the practice of law with the business of law globally,” Kate Barton, EY Global Vice Chair—Tax, said in a press release. “Legal departments recognize that the future lies in aligning more closely with broader business transformation.”
- Pangea3 specializes in legal managed services, with over 1,000 professionals in eight offices globally.
- It uses technology to automate routine tasks.
- EY in August, 2018, bought another technology-led law firm, Riverside Law.
The Global Legal Post – Millennial lawyers say business model broken
New survey shows millennial lawyers aspire to partnership despite being critical of law firm culture, with women being more critical than men.
40 per cent of millennial lawyers view partnership as their long-term career goal. That number is far higher than that of any alternative career path.
Millennials’ interest in becoming partner comes despite the belief that partnership is much less desirable than it was a generation ago and that the law firm business model itself is fundamentally broken.
[W]ork-life balance remains the top priority, informal mentorships are more meaningful than formal ones, firms should consider how to increase loyalty, and millennials are optimistic about the future.