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Anatomy of a Law Firm Merger, Second Edition: How to Make or Break the Deal
Anatomy of a Law Firm Merger Second Edition How to Make or Break the Deal Author:Hildebrandt International Anatomy of a Law Firm Merger provides lawyers and firms of all sizes professional guidance on considering and accomplishing a merger. With an emphasis on achieving strategic business goals, this step-by-step guide covers: · Right and wrong reasons to merge — · How to assess each firm’s strengths and weaknesses — · Sources of potential merger... more » candidates
· Key issues involved and potential deal breakers
· Financial analysis and key benchmarks for evaluating fiscal conditions
· Pro forma financial projections
· The crucial communication process
· Cultural considerations and the integration plan
· Practice management structures designed to promote firm integration
· Combining administrative and office automation functions The volume concludes with 26 valuable exhibits, including: a practice development questionnaire; first meeting agenda; strategic merger checklist; expertise chart for determining practice area strengths and weaknesses; worksheets for assessing and comparing crucial components such as practice management structure and partner compensation; income and cash flow statement analyses; a sample merger agreement; discussion agenda for administrators; a public relations checklist; and numerous other checklists and review sheets for evaluating every aspect of the merger. Some Key Issues Covered in Anatomy of a Law Firm Merger are: · The most important factors to consider when determining if a merger will be beneficial to your firm
· Pros and cons to using an outside search service to locate potential merger candidates
· Criteria for evaluating each firm’s contributions
· Whether you should use management consultants through the merger process
· Working through sensitive issues such as naming the newly joined firm, conflicts of interest in practice areas, and partner compensation
· Reaching agreement on the new firm’s management structure
· Benchmarks for testing the economic compatibility of the two firms
· Defining each firm’s culture and assessing the ability to integrate them
· Pricing, billing, and collection policy procedures and what to do when they differ
· Developing pro forma income and cash flow projections for the combined firm before you merge
· What to include in your merger notebook or prospectus and why this is an important tool for moving the process along
· How to ensure uninterrupted client service during the merger and integration process
· Guidelines for quality control, workflow, and overall practice management
· Reviewing and standardizing recruiting and training practices
· Notifying current clients of the merger and educating them about benefits of the combined firm
· How to publicize and market the new firm
· Ways to achieve seamless integration of the firms’ administrative procedures and office technology« less