The following is an excerpt from part two of Gene Commander’s examination of how Colorado law firms are facing mounting business pressures due to a new brand of supply chain disruption that is causing a shortage of affordable and productive talent. The article was published in Law Week Colorado and can be read in full here.
Law firm mergers are bouncing back nationally as the pandemic eases, according to Reuters. But Law Week Colorado data suggests only a handful of Colorado firms have merged in the past five years, so the opportunities are ripe.
Mergers provide opportunities for like-minded, future-focused law firms to gain bench strength and market share while better serving an enhanced client base. Properly designed mergers can help firms operate more cost effectively, offer greater breadth of services, sensitively address leadership and transition issues and reenergize their talent’s entrepreneurial spirit. While mergers can boost market share, reputation and goodwill, the greatest advantage they offer in today’s business climate is ensuring firms have the talent needed to meet growing client needs. Mergers involve a variety of nuanced professional, financial and ethical issues, however, so mergers that are not carefully considered and executed present significant business risks.