WSJ Says Law Firms Are Entering ''Arms Race'' Because of Merger Mania

12/11/12

WSJ Says Law Firms Are Entering "Arms Race" Because of Merger Mania

The recent rush by American law firms to enter into cross-border mergers as a way to grow could result in "an arms race" according to British legal consultant Tony Williams, who talked to the Wall Street Journal.

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Williams also told the paper that he estimates the number of law firms in the $2 billion club to double from the current five to ten by the end of 2013. Out of the current five, only two, Skadden and Latham & Watkins have grown without mergers. The remaining three: Baker & McKenzie , have all grown substantially because of mergers.

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The WSJ also notes that while three mega-mergers have already been announced in the past month, legal experts are predicting more in 2013. The key reasons: retaining market share, client loyalty and growing by tapping into key emerging markets.

The three recent mergers announced in the BigLaw world are:

• Fulbright & Jaworski will merge with Norton Rose to create a law firm with 3,800 attorneys.
• SNR Denton in a three-way merger with Salans and Fraser Milner Casgrain to create a law firm with 2,500 attorneys.
• K&L Gates will merge with Middletons to create a law firm with over 2,000 attorneys.