Description
Book SynopsisWith the current economic climate hitting growth potential hard, now may be the time to seriously consider the benefits of a merger. In the past decade it was not unusual for law firms in the buoyant market to experience 15% plus organic fee growth, but in the next five years this figure will be considered exceptional. If you cannot achieve growth from current client baselines, a merger may well be the only way to ensure the increases in turnover and reductions in costs that will prevent the diving economy eating away at fee incomes. The Art of the Law Firm Merger gives you a clear understanding of the merger process from start to finish including how and when to recognise the indicators that the merger is not in the best interests of your firm. It provides templates and methodologies that ensure the success of your chosen merger and that your primary goals are achieved. The report will help you achieve success with cultural change to ensure your law firm works as a business, embracing best practice, technology and new management structures. It explores staff selection, management approaches, in-house training, reward structures and review methods that will make successful change a reality. The Art of the Law Firm Merger defines an effective communication strategy for keeping stakeholders informed and supportive of the process, assists you in setting timelines for all stages of the merger and even discusses methods for measuring the results. The Go-Path template (Goals, Objections, Process, Approval, Timetable, Help) is explained in detail but above all, the merger process in this important new report is always placed exclusively in the context of the very unique considerations relating to law firms.
Table of ContentsPart one: The Art of the Law Firm Merger Introduction Goals Objections Process Approval Timetable Help. Chapter 1: Why law firms should consider merging The right reasons to merge and the rules that should apply Measuring return on investment Evaluating cost Chapter 2: Initiating the process What are the dynamics of a particular merger? Getting the ball rolling. Chapter 3: Preparing for a merger Due diligence. Chapter 4: How mergers should increase profits Reengineer partner numbers Productivity levers. Chapter 5: Business plans, business prospectuses and information packs Information pack Prospectus - strategic Business plan - tactical. Chapter 6: Stakeholder management plan Prioritise the stakeholders Understanding the key stakeholders Barriers to implementing merger initiatives Communications Early wins and no delays. Chapter 7: Integration Implement business plan tracking Continuous improvement Value-add and improved outcomes. Chapter 8: Merger risks and what can go wrong Assign key risk management responsibilities Identify NewCo's risk profile Evaluate the risks Establish effective risk management policies and processes Communicate that risk management is everyone's responsibility Monitor policies and processes. Chapter 9: The end game Go live. Chapter 10: The current market and its effect on mergers Economic drivers for merger activity Mergers as a cash flow improvement strategy Improving cash flow Impact of the Legal Services Act. Part two: Case studies Case study 1: Warner Cranston and Reed Smith Background The merger Lessons learned Case study 2: Reed Smith and Richards Butler Background The merger and lessons learned Press release: 15 June 2006, London, UK. Case study 3: TLT Growth strategy Towards a national brand Maximising merger outcomes Case study 4: Blake Lapthorn Establishing local pre-eminence Expansion into Oxford Expansion into London Post-merger growth. Case study 5: Edwards Angell Palmer & Dodge and Kendall Freeman Identifying the best-fit merger partner Integration Continued growth. Appendix 1: Due diligence checklists Partnership Background Operations Personnel Finance Risk, contractual risk and litigation Third-party agreements. Appendix 2: In-house post merger review Up front During the process Numbers Barriers to change Characteristics of successful change projects Post merger Index
