Why would a Law Firm consider a Merger or Acquisition?
Mr Green Consultancy and The Strategic Partner are experts at law firm strategy and planning, which includes assisting firms with mergers and acquisitions.
There can be several reasons why a law firm will wish to consider a merger or acquisition as part of their strategy. They tend to fall into the following: -
· Growth – Achieving growth in a law firm is not a simple task due to the nature of the work and the requirements to have the resource and expertise to service the work as it arrives. This is quite apart from the usual challenges of generating increased new business and funding the growth strategy. Acquisition is a certain route to accelerating growth but it is certainly not the easy option. However, managed correctly and with a clear strategy and excellent due diligence, the acquisition path is certainly a route to take. Getting it right will mean ticking a number of the appropriate boxes for a successful growth strategy.
· Stability – A majority of law firms will fall into the SME category and SME businesses of all types face a host of challenges and issues that are a direct consequence of them being small. With owners and key staff having to multi skill across a range of business requirements whether the required skill set or not. The diversion of focus will often result in a firm not progressing. An acquisition or a merger would and should result in increased resources and additional skill sets and achieving growth, alongside resource will result in more stability, which in turn should lead to confidence to grow and expand, providing additional security.
· Opportunity – A firm may not be considering a merger or acquisition, but an event occurs that puts an opportunity in front of them. Whether this is a competitive firm seeking a takeover or a coming together or a potential acquisition arriving through other circumstance, it is how a firm views and seizes that opportunity which is important. If a firm has not been considering an acquisition but one presents itself, that does not make it wrong but it is important to assess the impact of the change and if your own business is ready to take on the challenge. The issue, of course, of not taking opportunities is that someone else might or will and that could pose a threat to your firm.
There are, of course, other reasons for considering a merger or acquisition and those noted above and other reasons require careful planning, consideration and proper due diligence.
Mr Green consultancy and The Strategic Partner have collaborated to provide law firms with a solution that assists them in securing the acquisition or sale of their law firm. Our service ensure that our clients make the right choices, know when to proceed, or when to stop.
We provide expertise that is both impartial and built through experience.
Our combined knowledge of the legal industry and our relationships are exceptional, enabling us to quickly establish a strategy, undertake effective due diligence and protect our clients.
For more information on our merger and acquisition service you can call us on 0207 842 1825 or email us firstname.lastname@example.org.
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Whether you are or buying or selling, TSP and Mr Green Consultancy has the experience and knowledge to ensure your strategy is effective and successful.