Firms are constantly looking to grow through lateral integration, small group acquisition, and in recent years larger firm acquisition or equal mergers. The global M&A market has experienced a whirlwind of activity in the recent past and it appears this trend will continue over the next few years.
It is therefore safe to assume a proclivity for market consolidation in the legal industry will continue as well. It was a hot topic at this year’s Marketing Partner Forum – and the discussion wasn’t always pretty. Those who were involved in M&As shared tales from the trenches about how rushed systems integration caused major setbacks for a lengthy period of time. Whether it was a poor strategic setup, data merging, client awareness/combination, or cultural gaps – an inadequately thought out merger process can stunt firm growth.
The way in which firms enter and finalize mergers and acquisitions have long-term ramifications. If a merger or acquisition is on the horizon for your firm, you can make the transition more smoothly by carefully planning each phase of the process. Here is a sampling of things to consider – by no means is this an exhaustive list:
Pre-planning and market assessment
- Cultural review
- Conflicts and client assessment
- Financial and strategic assessment
- Timing and rollout
Implementation and integration
- Technical services and data planning
- Merging of operational processes
- Client and internal communication
- Compensation advisement
- Key performance indicators for merger
- “One firm forward” assistance
- Partner assistance
- Collaboration and relationship management
- Internal and external updates on progress
- Re-alignment of rates and other financial needs
- Ongoing relationships with a trusted advisor
Given our expertise in strategic, technical, and relationship consulting/advisement – and our personal experience with the merger process – Wilson Legal Solutions is uniquely positioned to help ease the process for firms. Through a “merger super group” comprised of our business consultants, data experts, and application specialists, we can help meet the needs of the marketplace with a unified approach that focuses on all the phases of a merger or acquisition.
If you’d like to explore this topic in greater detail, contact us or join us on March 21, 2019 at 11:30 AM ET for the following CPE-accredited online training course: The Merging Trend: Identify, Align, and Execute a Merger from An Operational Perspective.