The technology revolution that helped more aggressive firms expand beyond historic geographies has paralleled the increasing commoditization, or fungibility, of legal services, especially over the past two decades. This parallelism is a reflection of a dynamic cause and effect, for at the heart of commoditization of legal services are the two highly interrelated factors of information technology: speed and accessibility.
The technology revolution that helped more aggressive firms expand beyond historic geographies has paralleled the increasing commoditization, or fungibility, of legal services, especially over the past two decades. This parallelism is a reflection of a dynamic cause and effect, for at the heart of commoditization of legal services are the two highly interrelated factors of information technology: speed and accessibility.
The technology revolution that helped more aggressive firms expand beyond historic geographies has paralleled the increasing commoditization, or fungibility, of legal services, especially over the past two decades. This parallelism is a reflection of a dynamic cause and effect, for at the heart of commoditization of legal services are the two highly interrelated factors of information technology: speed and accessibility.
A firm’s culture is essentially the law firm’s compass. If it is broken, the firm can veer off-course, leading to a stagnant business environment or, worse, stunt attorney development. However, when firm culture is strong, it energizes its attorneys and fosters their growth and success.
Either way, you’ll be involved in M&A. It’s also vital to remember that neither being an acquirer nor being acquired is better than the other. The growth strategy needs to be in alignment with the goals of the firm. The firm(s) you acquire or merge with must be complimentary to this strategy. Be progressive and develop a robust M&A mindset, it is your firm’s best chance for survival.
Either way, you’ll be involved in M&A. It’s also vital to remember that neither being an acquirer nor being acquired is better than the other. The growth strategy needs to be in alignment with the goals of the firm. The firm(s) you acquire or merge with must be complimentary to this strategy. Be progressive and develop a robust M&A mindset, it is your firm’s best chance for survival.