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Mergers can be effective in moving partners out of their comfort zones

By Andrew Hedley, Director, Hedley Consulting

8 October 2012

Many merger business plans talk about creating a firm which is better than the sum of its parts by taking an external view. They wax lyrical, for example, about new markets, additional venue streams, sweating the client base through broader and deeper practice capabilities and a strengthened brand. The focus is on revenue generation opportunities.

They will also speak in detail about cost savings of both a one-off and an ongoing nature. Calculations will show how, after initial merger costs are accommodated, the combined cost base will be lowered, thus improving the margin.

Both of these areas are, of course, very important, but there is another aspect of the model for a successful firm which often does not receive sufficient attention. How will the new firm be structured, governed, managed and operated in a way that is different – and better – than the sum of its ...

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