There is a 25 percent increase over the mergers reported in the first quarter of last year
A recent report from Fairfax Associates shows a significant uptick in law firm merger activities in the first quarter of 2024, with a particular focus on small and midsize firms.
The consultancy firm tracked 20 completed mergers during this period. This represents a 25 percent increase over the 16 mergers reported in the first quarter of 2023, signalling a robust start to the year for law firm consolidations.
According to Fairfax, one of the standout mergers of the quarter was the combination of Cleveland-based Ulmer & Berne, with 175 attorneys, merging with St. Louis-based Greensfelder Hemker & Gale, which has a roster of 140 lawyers, to form UB Greensfelder. Other notable mergers include the union of Atlanta's Kilpatrick Townsend & Stockton with Chicago's HMB Legal Counsel, Kansas City's Spencer Fane with Salt Lake City's Snow Christensen & Martineau, and Buchanan Ingersoll & Rooney's merger with intellectual property firm RatnerPrestia.
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The report highlighted that 65 percent of the quarter's mergers involved firms with between 5 and 20 lawyers, an increase from 59 percent in the same quarter last year. Noteworthy among these smaller-scale mergers were Hinckley Allen’s combination with Fort Lauderdale-based Ferencik Libanoff Brandt Bustamante & Goldstein and Salt Lake City-based Maschoff Brennan's merger with San Francisco-based Mauriel Kapouytian Woods to create Maschoff Brennan Gilmore Israelsen & Maurie.
Fennemore emerged as the most active firm in this period, completing three mergers with Sullivan Hill Rez & Engel in San Diego, litigation boutique Savitt Bruce & Willey in Seattle, and tax boutique Wagner Kirkman Blaine Klomparens & Youmans in Sacramento.
The report concluded that the merger landscape for Q2 is equally promising, with the anticipated finalization of the merger between London-based Allen & Overy and New York-based Shearman & Sterling in May. Additionally, Dentons has announced its plan to merge with PJS Law in the Philippines, further expanding its global footprint.