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After a slowdown at the end of last year, 2023 continues to see a considerable appetite for M&A amongst law firms, not least Allen & Overy which has announced one of the biggest transatlantic deals ever .

As I travel or Zoom across the UK, talking to law firm managing partners about their growth plans, top of their acquisition wish list are boutique law firms.

In my experience, the biggest mistake when it comes to law firm mergers isn’t negotiating a deal, it is blending cultures. As Peter Drucker once said: “Culture kills strategy for breakfast.”

This is a crucial time for many law firms across the country as they develop their post-pandemic strategies, and research we have undertaken has shown that merger and acquisition (M&A) activity will form a significant part of their thinking. Our in-depth research with 100 law firms of varying sizes conducted by IRN Research indicates that firms feel they need to move faster than organic growth allows. However, it also finds that they often have a dangerously ad hoc approach to identifying targets for M&A.

A law firm without a growth strategy is like any business that fails to plan for the future. It may continue to thrive in the short term but in the long term it is unlikely to succeed.