If you aren’t moving forward, you are falling behind. It is an increasing imperative for firms to grow more as their peer firms do so. Many firms are flush with cash, and they are investing that money in growth. At the same time, about 20% of the market has had a disappointing two to three years. Those firms are increasingly becoming the outliers, and high-quality teams are starting to question whether they are on the right platform.
— Law firm consultant Kent Zimmermann of the Zeughauser Group, offering his thoughts to the American Lawyer on the recent trend that’s been spreading through Biglaw: group lateral moves. As far as even larger law firm growth is concerned, Zimmermann said Zeughauser’s merger practice is “busier than it has ever been by about four times,” and that he expects merger activity to pick up at the end of the year. “That speaks to the strategic imperative for firms to get bigger and more profitable,” he said. “Firms don’t want to get overshadowed.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.