Law firm mergers and acquisitions reached a record number last year as firms sought to overcome static growth in corporate legal spending by grabbing market share.
Nationwide, there were 91 such mergers, three more than in 2014, according to Newtown Square-based legal consultant firm Altman Weil.
“Law firm mergers and acquisitions are a primary strategy to acquire new business in a market where demand is flat or constrained,” said Altman Weil principal Ward Bower. “The record number of deals in 2015 is a reflection of the intense competition among law firms for new work, and we expect the market to remain hot in 2016.”
EDIT: oh, for the geeks, here’s Altman Weil’s “Merger Line” webpage which tracks and reports on law firm mergers.