Middle-Market Firms Thriving in the Land of Giants
For some time now, law firms and legal industry observers have been obsessed with the creation of large law firms, primarily via mergers and acquisitions. There were more than 50 law firm mergers in the United States in 2006, a greater number than in each of the preceding three years.
At the same time, questions are being asked about the viability of middle-market firms that choose not to participate in the merger mania. What so many observers seem to be missing is that this "megafirm" trend actually is helping to ensure the continued success of middle-market firms and the attorneys who work for them. While the leaders of the nation's largest firms are hard at work trying to identify and woo attorneys in the middle market, other forces are at work in the wider business and legal environments.