The Hidden Perils Of Law Firm Mergers
March 23, 2018
Law firm mergers, and even the preliminary negotiations for a merger that never takes place, can bring with them some horrific problems. This issue was aired in a “Legal Malpractice and Risk Management Conference” in Chicago earlier this month. (Program title: “What’s Keeping Law Firm General Counsel Awake at Night?”) Among the pitfalls to watch out for: conflicts, especially those involving major clients for one or the other party; “firm fit’ or the lack of it – i.e, whether the cultures are compatible (translated by one presenter as the simple question: “Do we like these people?”); and a host of other issues that it would require extreme due diligence to unpack. That due diligence, it is advised, should include an examination of leases, insurance policies, loan agreements, operating software and hardware, and – potentially very important – partnership agreements.
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