Insights & Resources

In the following excerpt from the Pittsburgh Business Times article by Patty Tascarella, Lori Carpenter offers her insight on Pittsburgh law firm merger and acquisition activity.

"Lori Carpenter, president of Carpenter Legal Search, believes several factors are driving the M&A fervor, starting with strategic growth. Firms are merging to expand their service offerings and enter new markets, she said. Add to that client demands as they increasingly seek firms with broader capabilities and global reach. Economic uncertainty and competitive pressures also are pushing consolidation, which reduces operational costs. Mergers can help firms integrate advanced technologies and improve efficiencies, she added. Finally, private equity firms are becoming involved in law firm M&A, providing alternative financing options."

"But whether a firm opts to buy or sell, or finds a large group of talented lawyers enabling entry to a new market, strategy is key."
 

"Buchanan's entry into Chicago by hiring lawyers from Locke Lord is a strategic move to establish a presence in a key market," she said. "Successful integration plans, like those likely in place for Reed Smith's entry into Atlanta, can facilitate smooth transitions and encourage more firms to adopt similar strategies."

"Expansion, she added, creates opportunities for leadership. Attorneys who might not have helmed a practice group or been a contender to serve as office managing partner at their own firms often find ways to move up the ladder at a newcomer in the marketplace."

Read the entire article here: Strategic moves reshape legal landscape: Local law firms grow footprint as out-of-town competitors eye Pittsburgh talent