Law firm mergers on the rise

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There were 13 law firm mergers during the third quarter of this year, up from seven deals recorded during the second quarter, according to a new report from Altman Weil Inc.

“While the absolute number of deals was up, most were very small acquisitions,” said Altman Weil principal Bill Brennan, who advises law firms on mergers and growth, in a statement. “This reflects the continuing caution of law firms in response to the recent economic turmoil. ... Law firms do not want to assume the risks inherent with big mergers right now. Instead they are acquiring small firms or groups of lateral partners with portable business.”

The one large deal that was reported was Boston-based law firm Bingham McCutchen LLP’s acquisition of McKee Nelson, a 120-lawyer firm with offices in Washington, D.C., and New York.

Newtown Square, Pa.-based Altman Weil is a management consulting firm that focuses exclusively on the legal profession.