According to a recent article on Above the Law, law firms are showing a strong inclination towards merging in 2024. This trend has been gradually picking up pace, with interest in growth via mergers seemingly at its highest point in over two decades.
The projection for 2024 law firm merger activities is expected to align with the pattern observed in 2023. This is based on observations shared by Kristin Stark, a prominent law firm consultant and principal at Fairfax Associates. In an interview with the American Lawyer, Stark noted the appetite for law firm mergers appears to be stronger than ever, making them a common strategic move in the industry going forward.
Stark participants in mergers to become even more prevalent in 2024, given the current level of interest. Although predictions in the business world can be challenging, it’s reasonable to expect the trend to maintain momentum. Stark’s firm, Fairfax Associates, was involved in a total of 48 law firm mergers in 2023. These included five “large-firm” mergers involving firms with more than 100 lawyers each, demonstrating the widespread acceptance of this growth strategy.