Benefits of a Merger
There are many benefits to merging a United States law firm with a law firm
in the United Kingdom from globalization to practice expansion. The opportunities
are endless. In terms of globalization, it is the key driving force behind a law
firm’s strategy. Large firms are actively pursing mergers with on another because
they have a fear that they will be left out of an emerging “global elite” which has
worldwide coverage. Another incentive to pursing a merger with the UK would be to
tap into a new market. Law firms tend to use mergers to move into new countries. A
merger with a UK based firm can help clients achieve a greater scale and geographic
coverage quickly and relatively cheaply. In addition, a merger would expand their
practice area or geographic area.
Lastly, the economy has been struggling. This leads to an increase in mergers
and consolidations. When firms are faced with tougher markets, they are attracted
by cost savings and cross selling that is generated by a merger. Merging with
another law firm could provide a more holistic practice. In being more well rounded,
the clientele would expand. For example, a firm that specializes in insurance clients
could merge with one that is just focused on health practice. Both could complement
each other well and provide a better service. In addition, in a competitive market,
clients well have the benefit of having a full range of legal services in a variety of
geographies.
Besides the economic benefits internally, there are many benefits to choosing
London as a business destination. The external factors of connectivity are vital to
any business. London is Europe’s transportation hub. The city has five international
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should have short term and long term goals that are specific, measurable, attainable,
London Merger 7
realistic, and timely. This way if the new firm is not being successful after a certain
amount of time the new firm goes through a termination process that dissolves
them back to the original two separate firms. Having a back door for any
unforeseen problems creates a safety net to ensure the longevity of the firms
without costly legal trouble.
Merging of a U.S. law firm with a London law firm is a prime opportunity of
growth and profit. However, the firms need to be conscientious of the cultural
barriers that exist, and how to maneuver around it. These barriers are not
insurmountable and the benefits of a merger greatly outweigh the costs of the
merger. Globalized law firms is the only way to maintain competitiveness in a
globalized economy.
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