The Art of the Law Firm Merger
Published: 2009
Pages: 100
eBook: 9781906355470
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.
Table of Contents
Cover | Cover | |
---|---|---|
Title | i | |
Copyright | ii | |
Contents | iii | |
Executive summary | vii | |
About the author | ix | |
Acknowledgements | xi | |
PART ONE The Art of the Law Firm Merger | 1 | |
Introduction | 3 | |
Goals | 5 | |
Objections | 6 | |
Process | 6 | |
Approval | 6 | |
Timetable | 7 | |
Help | 7 | |
Chapter 1: Why law firms should consider merging | 9 | |
Increased and sustainable profits | 9 | |
Increased and realisable assets | 10 | |
The right reasons to merge and the rules that should apply | 10 | |
Measuring return on investment | 11 | |
Evaluating cost | 12 | |
Chapter 2: Initiating the process | 15 | |
What are the dynamics of a particular merger? | 15 | |
Getting the ball rolling | 17 | |
Chapter 3: Preparing for a merger | 21 | |
Due diligence | 21 | |
Chapter 4: How mergers should increase profits | 25 | |
Reengineer partner numbers | 25 | |
Productivity levers | 26 | |
Chapter 5: Business plans, business prospectuses and information packs | 29 | |
Information pack | 29 | |
Prospectus – strategic | 34 | |
Business plan – tactical | 35 | |
Chapter 6: Stakeholder management plan | 39 | |
Prioritise the stakeholders | 39 | |
Understanding the key stakeholders | 40 | |
Barriers to implementing merger initiatives | 41 | |
Communications | 41 | |
Early wins and no delays | 42 | |
Chapter 7: Integration | 43 | |
Implement business plan tracking | 43 | |
Continuous improvement | 44 | |
Value-add and improved outcomes | 45 | |
Chapter 8: Merger risks and what can go wrong | 47 | |
Assign key risk management responsibilities | 48 | |
Identify NewCo’s risk profile | 48 | |
Evaluate the risks | 49 | |
Establish effective risk management policies and processes | 49 | |
Communicate that risk management is everyone’s responsibility | 49 | |
Monitor policies and processes | 49 | |
Chapter 9: The end game | 51 | |
Go live | 52 | |
Chapter 10: The current market and its effect on mergers | 53 | |
Economic drivers for merger activity | 54 | |
Mergers as a cash flow improvement strategy | 55 | |
Improving cash flow | 57 | |
Impact of the Legal Services Act | 58 | |
PART TWO Case studies | 59 | |
Case study 1: Warner Cranston and Reed Smith | 61 | |
Background | 61 | |
The merger | 61 | |
Lessons learned | 62 | |
Case study 2: Reed Smith and Richards Butler | 63 | |
Background | 63 | |
The merger and lessons learned | 63 | |
Press release: 15 June 2006, London, UK | 65 | |
Case study 3: TLT“ | 67 | |
Growth strategy | 67 | |
Towards a national brand | 68 | |
Maximising merger outcomes | 69 | |
Case study 4: Blake Lapthorn | 71 | |
Establishing local pre-eminence | 71 | |
Expansion into Oxford | 72 | |
Expansion into London | 72 | |
Post-merger growth | 73 | |
Case study 5: Edwards Angell Palmer & Dodge and Kendall Freeman | 75 | |
Identifying the best-fit merger partner | 76 | |
Integration | 77 | |
Continued growth | 78 | |
Appendix 1: Due diligence checklists | 79 | |
Partnership | 79 | |
Background | 79 | |
Operations | 79 | |
Personnel | 79 | |
Finance | 80 | |
Risk, contractual risk and litigation | 80 | |
Third-party agreements | 80 | |
Appendix 2: In-house post merger review | 81 | |
Up front | 81 | |
During the process | 81 | |
Numbers | 81 | |
Barriers to change | 82 | |
Characteristics of successful change projects | 82 | |
Post merger | 83 | |
Index | 85 |
JEFF GILLINGHAM is senior partner, head of SSG Legal Consultancy and a key contact within SSG Mergers. He has a long track record in raising the profitability and performance levels of companies. His expertise covers the core spectrum of management consulting services, from merger and acquisition functions to the implementation of efficient business and financial operating models, with specific focus on profitability and back office functions. He has completed assignments for legal firms with measurable success. Jeff is ex-PricewaterhouseCoopers (PwC), where he developed the business process outsourcing service model. Relocating from Australia to South America and then Europe, he led service divisions on each continent. His most recent position was as the European CEO of a PwC professional services company with a turnover of GBP80m. In 2004 Jeff started his own management consulting practice, StarPartners Ltd, which he later joined with SSG Legal. He has considerable experience in professional services with particular emphasis on the legal industry. He is a sought after speaker at legal industry conferences and isextensively published in the printed media.