Considering Merging or Joining Another Law Firm: What Should I Look For?

Question:

I am a solo practioner in Southern Missouri. I have been in practice for 20 years. I have a very successful practice with an excellent client base. I have three paralegals that I am able to keep busy. I have recently been thinking about whether I should consider joining another law firm. What should I be thinking about and what should I be looking for?

Response:

I believe that the key question is – can a law firm offer its lawyers a measure of value independent of the skills, talents, and contributions of its partners? The answer can only be answered by recalling the advantages that the best law firms have over sole practitioners or groups of lawyers who share overhead and nothing more. These advantages include the following:

Shared skills and expertise
Backup or additional help when needed
A safety net during economic downturns
Shared resources, such as technology, library and research access, forms, and work products
Cross-selling and/or referral of work
Access to the expertise of lawyers in various disciplines
Highly trained associates, legal assistants, and support staff
A firm name or reputation that makes marketing easier
More-sophisticated and highly skilled management
Opportunities for individual lawyers to become highly specialized
A system of partner coaching that brings out the best in each partner
Emotional support, encouragement, and personal recognition
Flexibility that allows lawyers to be more involved in probono, community, and bar activities
Continuation of the firm beyond the tenure of the current owners

Just because a law firm holds itself out to be a firm does not mean that the advantages listed above exist in that specific law firm. If not – you might be better off staying solo.

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John W. Olmstead, MBA, Ph.D, CMC

Posted at 02:41 PM in Partnership
Tags: Joining Another Law Firm, Law firm merger, Law Firm Partnership

Mar 22, 2011

Considering Merging or Joining Another Law Firm: What Should I Look For?

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