It seems that 2023 is shaping to be a record year for law firm mergers as the legal industry braces for a potential downturn. In 24 hours, four law firm mergers were announced, with firms looking to increase revenue through merger strategies.
First, Clyde & Co., a large international firm with over 1,800 attorneys and a ranking of 71st on the Global 200 list, announced a merger with Boston-based insurance and civil litigation boutique Hermes, Netburn, O’Connor & Spearing. This merger will allow Clyde & Co. to establish an office in Boston and enhance their defense and insurance coverage nationwide, as stated by Eileen King Bower, Chair of Clyde & Co.’s North American Board.
Clark Hill, currently ranked 110th on the Am Law 200, is also looking to expand through mergers, focusing on Philadelphia expansion. They are taking on the Conrad O’Brien boutique, with John Hensien, CEO of Clark Hill, stating that the combination will allow them to meet the evolving needs of clients, attract and retain outstanding talent, and broaden their depth of service offerings internationally.
Two Chicago-based firms, Croke Fairchild Duarte & Beres and Prendergast Layden are also merging. Drew Beres, one of the founding partners of Croke Fairchild, stated that the merger is a part of their plan to provide full service and that with the current economy, litigation becomes even more important.
Finally, New York boutique Braverman Greenspun, which represents condo and co-op boards, will merge with Finder Novick Kerrigan.
It’s only February and there are bound to be even more mergers announced this year as law firms look to increase their revenue numbers and expand their reach. These mergers are transforming the Big Law landscape, and it will be interesting to see how they shape the legal industry in the coming months and years.
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More Mergers Shifting The Biglaw Landscape