A merger and acquisition (M&A) can be tricky enough, but an M&A at a professional service firm (PSF) requires certain business and financial acumen. Globally, PSFs employ 5.6 million people and generate annual fees of $795 billion, according to the Managing Partners Forum.
Drilling down, the BTI Consulting Group Inc. estimates that the annual global M&A market for law firms is $277 billion. In fact, 2015 was a banner year as 91 law firm M&A transactions were completed in the U.S. – the highest annual total recorded since MergerLine began compiling the data in 2006. Last year also saw a historic merger when Dentons and the Chinese firm Dacheng joined forces to form the world’s largest law firm, with more than 7,000 lawyers. MORE