The second quarter of this year saw the pace of law firm mergers rise sharply in the U.S., according to a new report from legal consultancy Altman Weil Inc.
There were 26 new law firm mergers and acquisitions reported in April, May and June, compared to 18 during the first quarter of the year, according to Newtown Square, Pa.-based Altman Weil.
The largest of the latest law firm combinations was between K&L Gates, a 1,500-attorney firm, and Kennedy Convington Lobdell & Hickman, a 175-lawyer firm.
In Memphis there were no significant mergers reported for the quarter. However, in the previous quarter St. Louis-based Husch & Eppenberger LLC and Kansas City, Mo.,-based Blackwell Sanders LLP finalized their merger, which was first announced last September. Of the two, only Husch & Eppenberger had an office in Memphis.
In July 2007, Memphis-based Baker, Donelson, Bearman, Caldwell & Berkowitz PC merged Atlanta-based Gambrell & Stolz LLP into the firm, adding 36 attorneys.
"Even in a deteriorating economy, law firms continue to pursue a growth strategy via merger and acquisition," said Altman Weil principal Tom Clay in a statement. "And based on our conversations with law firm leaders, we think the pace is unlikely to slow."