By Hannah Collins
The legal sector has seen a number of major mergers over the past two years.
The creation of A&O Shearman, Troutman Pepper Locke and Herbert Smith Freehills Kramer, together with proposed combinations involving Hogan Lovells and Cadwalader, Ashurst and Perkins Coie, and Winston & Strawn and Taylor Wessing, shows that many firms are using mergers as part of their growth plans.
Most of the attention tends to focus on the deal itself. The bigger story is often what happens afterwards. When two firms merge, hiring plans usually come under review. Leadership teams look at where they want to invest, which practice areas they want to grow and where there may be overlap between teams. That can create opportunities in some areas and uncertainty in others.
For partners, a merger can mean access to a larger client base, new markets and broader resources. It can also lead to questions about compensation, leadership opportunities, conflicts and how their practice fits into the combined firm. As a result, merger activity is often followed by partner movement. Some partners see new opportunities within the merged firm, while others decide that another platform is a better fit for their clients and long-term plans.
Associates go through a similar process. A merger can bring access to larger matters, different clients and new areas of work. At the same time, lawyers will want to understand how the merger affects promotion prospects, team structures and career progression. Those conversations often start long before any changes are formally announced.
Competitors pay close attention to merger activity, particularly where well-known partners, specialist teams or major client relationships are involved. Firms often use periods of integration as an opportunity to strengthen their own teams.
This is why mergers can have a noticeable effect on recruitment across the wider market. A merger involving two firms can create hiring opportunities for lawyers who are open to a move, while also creating opportunities for firms looking to attract talent.
Some firms use a merger as a chance to invest in key practice areas and add headcount. Others take time to assess their structure before making new hires. As a result, hiring demand can shift quite quickly.
Recent mergers also highlight the growing competition for talent across the legal sector. Firms are not just competing for clients. They are competing for experienced partners, associates and specialist teams who can help drive growth.
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To discuss the legal recruitment market, current opportunities or your next career move, please contact Hannah Collins for a confidential conversation.
Email: hannah.collins@wearebuchanan.com