Results tagged "Laterals" 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.

The Trials and Tribulations of Dewey & LeBoeuf

When Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae decided in 2007 to join forces to become Dewey & LeBoeuf, mortgage backed securities were still the rage, business was booming and few appreciated the intensity of the storm on the horizon. A mere one year later however, Dewey & LeBoeuf as well as every other major law firm had seen virtually all of its structured finance work disappear and some of those firms were soon to be history.

2010 Year End Report

Our long held view that BigLaw is among the most conservatively run and change resistant industries on the planet seems understated in light of the tornedos that we’ve been experiencing of late. That said, 2010 served to raise awareness of issues critical to our long term viability such as globalization, diversification of practices as well as personnel, alternative billing and work-life balance and it appears that by and large, while still far from healthy, BigLaw is a better place to live and work as we enter 2011 than it was a year ago.