The legal industry saw several game-changing law firm mergers in 2024, while other firms became increasingly open about their desire to find combination partners moving forward.
Some analysts are predicting even more moves in 2025, even if the number of completed unions this year is likely to be on par or only slightly ahead of where it was in 2023.
At the end of Q3, there were 41 completed law firm mergers, according to Fairfax Associates. That’s the same as the total through three quarters in 2023, although there were two additional combinations set to become effective in Q4, presumably putting this year’s total around 43.
Going forward, firms have announced at least seven unions for 2025. “The pipeline of announced mergers, as well as ongoing merger discussions, indicates a higher level of activity for 2025,” Fairfax noted in its third-quarter report. Some of the latest high-level merger talks include Kramer Levin’s discussions with Herbert Smith Freehills, while several other Second 50 law firms are scheduled to solidify their merger in the first quarter.
Pressure to keep pace with peers, competition for talent, as well as firms’ recognition of the benefits of scale and market leadership, are some of the merger drivers leading firms to “run out every ground ball” when it comes to combinations, industry analysts say.
Even some of the fastest-growing firms that don’t typically rely on combinations wouldn’t rule it out. “The conditions for us to do something are there,” noted Chase Simmons, CEO of Polsinelli, in a year-end interview. The firm has jumped 53 spots in the Am Law rankings over the last decade or so, and just this year engineered one of the largest lateral group moves in recent memory, when it hired 47 lawyers from Holland & Knight.
“But if we thought a firm fit well with us, there’s no cultural reason why we would say, ‘Ah, no, we’re not interested in that,’” Simmons added.
The banner combination that became effective this year was Allen & Overy’s joining with Shearman & Sterling to create A&O Shearman. But other, completed cross-border combinations involving Am Law 200 firms in 2024 included Paul Hastings’ combination with Paris-based litigation boutique Antonin Lévy & Associés and Dentons’ union with Philippines-based PJS Law.
In the U.S., McGuireWoods tied the knot with Century City-based litigation boutique Pasich; Bryan Cave Leighton Paisner joined with Seattle-based litigation boutique Harrigan Leyh Farmer & Thomsen; and Ogletree Deakins combined with Fresno-based boutique Raimondo Miller. Additionally, Freeman Mathis & Gary united with Miami-based Klein Park & Lowe; Kilpatrick Townsend & Stockton merged into Chicago with HMB Legal Counsel; Thompson Hine added with Los Angeles-based Conkle, Kremer & Engel; Lathrop GPM combined with San Jose-based Hopkins Carley; and Buchanan Ingersoll & Rooney joined with IP firm RatnerPrestia. Ulmer & Berne also joined with St. Louis-based Greensfelder Hemker & Gale to create UB Greensfelder.
Some firms completed multiple mergers. Fennemore did five tie-ups this year, and Spencer Fane, the fastest-growing Am Law 200 firm by revenue over the last five years, completed three mergers, either entering or expanding into Salt Lake City, Santa Fe and Las Vegas.
Talking Trans-Atlantic
Multiple analysts this year noted increased talks between U.S. and U.K. firms, with the former looking to enter London and scale on a global level, and the latter looking for an entree into the world’s biggest and most profitable legal markets.
Even Magic Circle and Silver Circle firms have been in discussions, and “are ready to pull the trigger” on such deals, Kent Zimmermann, of Zeughauser Group, told The American Lawyer this fall.
The launch of A&O Shearman this year, and the November announcement of Kramer Levin Naftalis & Frankel’s merger talks with Herbert Smith Freehills kept the buzz going. Both firms also faced specific, competitive pressures – such as Kramer Levin’s position as a heritage New York firm surrounded by financial titans that had grown exponentially in the Big Apple, like Kirkland & Ellis and Latham & Watkins – that led to the move.
As Jeff Lowe, senior managing partner and market president for Washington, D.C. at consulting firm CenterPeak noted this year, there’s a sense among firms that “if we don’t do anything, we’re going to get left out” and “certainly a sense in the Magic Circle firms that they have to get with the program as well.”
Second 50 Push
Second 50 firms made plenty of noise on the merger front this year, announcing several combinations for 2025 that could either move them into the top 50 or at least increase their revenue by hundreds of millions of dollars.
Taft, Stettinius & Hollister (No. 83 in the Am Law 100) announced a merger with Denver-based Sherman & Howard, effective Jan. 1. The combined firm would have revenue around $810 million for 2024 and $875 million forecasted for 2025, firm leaders said, and the combined totals could push Cincinnati-founded Taft about 20 slots ahead in the Am Law rankings.
Ballard Spahr (No. 99) also announced a merger with Pacific Northwest firm Lane Powell that will become effective in January. Lane grossed just north of $100 million in 2022, according to Law.com data, while Ballard brought in around $484 million in 2023. A union between Womble Bond Dickinson (No. 88) and Lewis Roca Rothgerber Christie (No. 175) will create a trans-Atlantic firm on Jan. 1 with a combined $742 million in revenue.
Meanwhile, Troutman Pepper, already on the cusp of the Am Law 50 (No. 51), and Locke Lord (No. 97) officially approved a combination that will almost certainly result in an Am Law 50 firm, with more than 1,600 lawyers across 33 offices, effective Jan. 1.
Lisa Smith, law firm consultant and a principal at Fairfax, told The American Lawyer that it’s not just firms looking to gain in size but also experience in particular geographic areas and practices that are driving law firm discussions. She said while the point about firms taking a hint from their peers is generally accurate, the moves are also about firms looking to get out ahead of their peers several years down the road.
“It’s a wake-up call, in terms of how firms are evolving,” she said.
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