Andrew Roberts considers how firms can prepare for potential mergers and avoid the mistakes and unrealistic expectations of others

The legal profession seems to have recently realised that there will soon be consolidation within the profession, the likes of which has never been seen before.

The 10,000 or so legal practices that contain four partners or less have just become aware for the need for succession planning and exit strategies - a little late for many firms. The average age of an equity partner in a law firm is 63 and, as averages suggest, many are in their sixties and seventies, still practising with little hope
of exit.What value could be placed on these practices and what value could they bring to the table in merger discussions?

Many accountants and brokers still cling to age-old methods of valuing a law practice, which regretful...

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