Best Practice: 1st steps for law firm mergers
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. We are a 17-attorney firm in Dayton, Ohio. Several of our founding partners are retiring and we have been contemplating a merger with another law firm but are not sure where to start. I would appreciate your ideas.
A. Start by determining your merger objectives. Why do you want to merge? What do you hope to achieve? Is merger compatible with your strategic plan? What size of firm are you considering?
Once you are sure that merger exploration - in general - makes sense - you should insure that your house is in order. In other words - can anything be done to enhance the value and/or marketability of your firm? For example:
