With 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.