By Casey Sullivan
Jan 7 (Reuters) - The number of U.S. law firm mergers and
acquisitions in 2012 was the same as 2011, with 60 U.S. deals
completed in both years, according to a new Altman Weil report.
Most of the transactions involved small to midsize domestic
firms, said the report, which comes out annually. About three
quarters of the mergers involved firms with 20 or fewer lawyers,
and about 12 percent involved law firms with between 21 and 100
lawyers.
Just a handful of 2012 mergers and acquisitions involved
large firms in cross-border transactions, such as the U.S.-based
Fulbright & Jaworski's amalgamation with UK-based Norton Rose
and the New York-based SNR Denton's with European law firm
Salans and Canadian law firm Fraser Milner Casgrain.
Since 2010 law firm mergers have begun to rebound, said
Ward Bower, a consultant with Altman Weil. In 2010, 40 law firm
deals were completed, down from 65 in 2009, according to Altman
Weil data.
Kent Zimmermann, a law firm consultant with the Zeughauser
Group, said he expected law firm deal activity in 2013 to
accelerate. He said a variety of law firm managing partners he
has spoken with are increasingly viewing mergers and
acquisitions as "more cost effective and time effective than
growing organically."
Altman Weil is a consultancy specializing in the legal
industry that releases quarterly and annual reports of law firm
M&A activity.
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