Clock is ticking on law firm mergers, says Wood
It is "only a matter of time" before large law firms start merging – that's the view of Mark Wood from the Nottingham office of law firm Eversheds.
Wood, partner in the firm's restructuring division, told Insider: "Most mergers over the last 12 months have involved the smaller end of the market in terms of the size of the respective firms merging, but it's only a matter of time before a larger firm proceeds along similar lines if their strategy requires it, and if the correct opportunity presents itself."
The last 12 months have seen a spate of mergers within the Midlands legal market, including Shakespeare Putsman merging with Berryman and Weightmans merging with Mace & Jones.
Wood said that the downturn had presented "attractive opportunities to secure domestic mergers" in the legal market.
He said: "The mergers we've seen this time around for most law firms are the result of necessity and economic rationalisation, as opposed to expansionary forces.
“Historically, mergers were done for growth reasons, but now I think it is generally accepted that recent consolidation has been focused on efficiency, savings and diversification in an increasingly competitive legal market.
"There will, of course, be the odd exception where there are opportunistic mergers to seek strategic alliances and grow the top line, but market uncertainty has clearly caused some firms to seek a merger as a way out of troubled waters."
