Plug and pray
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There are plenty of fish in the sea for SME firms that want to merge. But how do they know if a merger is right for them, or stop it from going sour? Kayli Olson reports
The managing partner of asb law speaks to Patrick Wingrove about creating a two-tier management structure that's driven considerable growth.
Dan Peachey at City Legal Translations, on bad translations and how SME firms can get accurate and flexible language services at a low cost
Joanna Kingston-Davies at Liverpool-based Jackson Lees Group, sets out how her firm’s acquisition was aided by Nasstar’s as-a-service solutions
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A merger can be great for business, there’s no doubt. Rapid expansion and market penetration is compelling, especially when compared to the effort of organic growth, and with the market becoming super competitive it’s not surprising that more SME firms are considering a merger.
But unions are often fragile – some fall apart after less than a year and others shrink as rapidly as they grew. We wanted to find out why that happens so that any merger-inclined readers can follow in the footsteps of their successfully joined peers. LPM’s talented assistant editor Kayli Olson took the reins on the article (p26). I won’t give too much away, but it’s clear that law firm M&A is too often led by leadership ego …
A FITING WEDLOCK
Mergers are becoming popular. SME firms are increasingly seeking to grow by plugging themselves into a permanent partnership. In a straw poll of legal management leaders at the 2017 LPM London and Birmingham conferences, 44% and 39% respectively said their firm was fairly or very likely to merge with another legal services provider in the next two years. Another 6% in each city said their firm was already in the process of merging. That’s a lot of merger action.
SALE AND SCALE: ASB LAW
The traditional law firm structure is far from dead but the industry’s adoption of technology, alternative structures and innovation has rekindled the conversation over whether it’s the best model to drive success. One firm keeping the fire burning is Kent and Sussex-based asb law, which reorganised by removing legal practice areas and replacing them with sales and delivery teams measured by client satisfaction rather than billable hours.
NOW YOU’RE TALKING
The world is getting smaller and SME law firms increasingly need multiple language skills to complete matters. Dan Peachey, commercial director at City Legal Translations, says the idea that only large or international firms have clients with language needs in legal services is a misconception – many SME firms provide services that require translation or interpreting.
UNITING TECH
Mergers and acquisitions are popular with SME law firms as a means to grow and attain competitive advantage. The then Jackson Canter Group acquired Lees Solicitors in 2016 to expand geographically and grow its legal offering – helping Lees buttress working capital requirements and benefit from the advantages of scale.
