The legal sector came into 2023 with a wave of mergers as many large law firms sought to absorb boutique firms across the country. This trend was particularly evident among second-tier firms who actively added boutique lawyers to their rosters. As the year progressed, the interest in mergers continued to grow, raising questions about what 2024 might bring.
Legal industry experts expect that growth in the coming year will predominantly be driven by lateral hires and promotions. However, they also anticipate that the pace of merger activity could remain high, even if the market declines. This could be especially true for smaller and regional firms.
In a notable development, the merger of Allen & Overy and Shearman could signify a trend of more U.K.-based firms seeking to expand into the U.S. market.
For more detailed insights into the legal industry’s merger trend and forecasts for the coming year, read the full article on The American Lawyer.