Geographic expansion drives merger market

U.S. law firm mergers and acquisitions continued strongly through the third quarter of 2017, according to Altman Weil MergerLine. There were 24 combinations announced in July, August and September, and there have been 76 deals announced year-to-date.

“Seventy-six law firm mergers and acquisitions is the largest number ever recorded for the first three quarters of the year,” says Altman Weil principal Eric Seeger.  “I won’t be surprised if we see 100 deals by year end, easily beating the prior benchmark high of 91 in 2015.”

Two of the largest deals of the quarter involve Philadelphia-based law firms expanding into the midwestern U.S. for the first time.  

Ballard Spahr announced plans to acquire 136-lawyer, Minneapolis-based Lindquist & Vennum, which will bring their total headcount to over 650 lawyers firmwide.  

Saul Ewing combined with 20 or fewer lawyers accounted for 71 percent of all combinations in the third quarter of 2017. 

These small deals were split about equally between same-state consolidations and practice-driven pick-ups.  

The midwest and western United States were the most active regions in the quarter, with California as the number one in-bound destination.

 

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