Mergers have dropped to a nine-year low, reflecting caution in the covid-19 environment, according to accountancy firm Hazlewoods
Law firm mergers have reportedly dropped to a nine-year low, reflecting caution in the covid-19 environment - but a steep rise is expected.
Accountancy firm Hazelwords, which specialises in the legal profession, said just 107 mergers took place during 2020, 25 per cent down on the previous year and less than half the 278 mergers of 2011.
Hazlewoods said much of the recent M&A activity in the profession has been driven by ‘consolidator’ firms, often backed by private equity funds or listed on the London Stock Exchange. It said such firms “have a strategy of expanding their service line and geographic reach by acquiring mid-sized and smaller firms or by adding headcount to create economies of scale”....