Results tagged "BigAmLaw" from Hanover Legal

The Ever-Contracting Landscape of BigLaw

Chadbourne’s February 2017 melting into Norton Rose Fulbright continues the trend of AmLaw 100 firms dissolving or being acquired or absorbed by larger, stronger players at the rate of one every year or so since 1999, starting that year with Brobeck and since followed by other now fallen but once-titans Coudert Brothers, Rogers & Wells, Rosenman & Colin, Kronish Lieb, Brown Raysman, Thelen, Thacher Profitt, Howrey, McKee Nelson, Dreier, Heller Ehrman, Wolf Block, Dickstein Shapiro, Dewey & LeBoeuf and Bingham.   Current firm rankings thus inevitably cause BigLaw market observers to ponder which are the currently rising or waning power-players therein, which is the next to be doomed to the in-memoriam list, and which three in all likelihood before the end of this decade.  Who are the great sharks in the ocean of BigLaw and who are their likely prey?

It is no secret that not only the biggest and strongest U.S. based firms have an increasingly whetted appetite for smaller firms which will enable them to enhance their global major market presence, but their London-based competitors are particularly hungry as well (see, for example “British Firms Still Trying to Conquer New York“, and “Are we about to see more UK-US law firm mergers?”).   Law firm sharks generally first seek prey not only with compatible and ideally complimentary practice areas, profitability and billing rates, but also displaying signs of weakness.   We refer our readers to our earlier post entitled  37 Signs That Your Firm May Be Sinking for indicators as to when a firm may become an especially attractive potential acquisition candidate.

In the meantime, our smaller and weaker players are increasingly frenzied to overcome the threat of falling victim to the hunt generally by one or a combination of several means:  merger with a relative equal in stature and profitability, see, for example, “Law Firm Mergers Off To Hot Start In 2017” ; “Law Firm Merger Mania Continues in First Quarter of 2017“;  “Law Firm Mergers Keep Pace with 2015’s Record”);  so called “one-off” individual lawyer or practice group lateral acquisitions, see, for example, The Lateral Report: Moves Hit a Post-Recession High;  Lateral Love: A Near-Record Year for Lateral Hires” or developing or enhancing a special niche or other competitive advantage.  See, for example,  “5 Reasons Large Companies Are Turning To Boutique Firms“;  “Boutique Law Firms: The Future of the Legal Profession?

In short, in the ever-increasingly treacherous ocean of BigLaw, it’s now more than ever be or be eaten.  Our consultants at Hanover Legal remain on call to assist all our clients in assessing how not only to survive, but grow faster, more efficient and thrive.

37 Signs That Your Firm May Be Sinking

It does not take a legal market expert to know that the landscape of major law firms is changing like that of the polar ice caps. Since 2000 at least nine firms have collapsed from their perches amidst the Am-Flawed 100 directly into oblivion, namely: Dewey & LeBoeuf, Howrey, Heller Ehrman, Thacher Proffitt, McKee Nelson, Wolf Block, Dreier, Thelen, and Brobeck — or on average one firm every one and a half years.

R.I.P. Howrey

Thankfully, the tsunami that claimed so many BigLaw casualties in 2009 and 2010 is increasingly a distant memory as the waters of 2011 have remained relatively tranquil. We are certainly not only leaner and more efficient but also more circumspect as we venture further into the heart of 2011, major American and British firms focusing more of their attention outward and exploring opportunities especially in the emerging foreign markets of the so-called BRIC countries – namely Brazil, Russia, India and China. Francis B. Burch, Jr., global chairman of DLA Piper explained: “If you look at where the large multinationals and the most attractive emerging technology companies are generating their revenue and their net income and where they expect to see the most growth, it’s in the BRIC countries.”