After years of expressing interest in mergers, law firms are now actively completing combinations, signaling a shift from intent to action in the legal industry. This trend is evident in the increasing number of finalized mergers over recent years.
In 2023, the legal sector saw 48 completed mergers, a slight increase from 46 in 2022. Notably, cross-border mergers rose from two to four, and large firm mergers—where both entities have at least 100 attorneys—jumped from two in 2022 to five in 2023. Among these, three involved firms with over 1,000 lawyers, underscoring a move towards significant consolidations. ([fairfaxassociates.com](https://fairfaxassociates.com/press-releases/cross-border-and-large-firm-mergers-increased-in-2023/?utm_source=openai))
The momentum continued into 2024, with 50 mergers completed, including the high-profile combination of London-based Allen & Overy and New York’s Shearman & Sterling, forming A&O Shearman. This merger created a firm with approximately 4,000 attorneys across 48 offices, marking one of the largest transatlantic legal mergers to date. ([fairfaxassociates.com](https://fairfaxassociates.com/merger-reports/cross-border-and-large-firm-mergers-continue-on-pace-in-2024/?utm_source=openai))
In 2025, the pace of mergers accelerated further. By the third quarter, 47 mergers had been completed, surpassing the 43 recorded during the same period in 2024. Significant mergers included the union of McDermott Will & Emery and Schulte Roth & Zabel, resulting in McDermott, Will & Schulte, and the combination of Troutman Pepper and Locke Lord to form Troutman Pepper Locke. ([fairfaxassociates.com](https://fairfaxassociates.com/merger-reports/law-firm-mergers-in-2025-outpacing-2024-year-to-date-reports-fairfax-associates/?utm_source=openai))
Several factors are driving this surge in mergers. Firms are seeking to expand their geographic reach, enhance profitability, and strengthen their competitive positions. The desire to serve multinational clients more effectively has also led to an increase in cross-border mergers. ([helpmeintegrate.us](https://www.helpmeintegrate.us/blog/the-ever-changing-world-of-m-a-in-legal-firms?utm_source=openai))
Additionally, the integration of technology and artificial intelligence into legal services has prompted firms to acquire specialized tech companies. For instance, Cleary Gottlieb Steen & Hamilton’s acquisition of Springbok AI aimed to bolster its AI capabilities, reflecting a broader trend of law firms investing in technology to stay competitive. ([reuters.com](https://www.reuters.com/legal/legalindustry/law-firm-cleary-buys-legal-tech-company-ai-bid-2025-03-17/?utm_source=openai))
As the legal industry continues to evolve, the trend of law firm mergers is expected to persist, driven by the need for scale, specialization, and technological advancement. Firms that successfully navigate these combinations are likely to be better positioned to meet the complex demands of their clients in an increasingly globalized and digital world.