The recent surge in law firm mergers is generating increased demand for consultants specializing in integration, culture alignment, and operational planning. As firms navigate the complexities of combining two distinct entities, external advisors—from major consulting and accountancy firms to specialized legal consultants—are playing a growing role in smoothing transitions and minimizing risks associated with client and partner retention.
Notable advisory firms such as Deloitte, KPMG, McKinsey, FTI Consulting, and BDO have been engaged in several high-profile law firm mergers over the past two years. While law firms typically handle initial due diligence and pre-merger planning internally, the involvement of outside consultants becomes critical as deals progress, offering objective experience and specialized expertise.
FTI Consulting, which is publicly traded in New York, was retained by Hogan Lovells and Cadwalader to manage integration efforts following their merger completed on July 1. The assignment involved addressing key challenges such as client conflict management, pay model harmonization, and reviewing office protocols, including seating arrangements and gifting policies. Brian Salsberg, FTI’s global head of mergers and acquisitions, noted that although both law firms had capable internal teams, an impartial external perspective was valuable in facilitating a successful integration.
Similarly, BDO conducted a comprehensive cultural analysis for Winston & Strawn and Taylor Wessing ahead of their June merger. Steve D’Amore, chair of Winston Taylor, explained that the study was intended to empirically validate the firms’ shared cultural assumptions, extending to areas such as pro bono work, sustainability, training, and inclusion policies. This assessment included detailed interviews with partners and associates. To support the operational and financial aspects of their merger, the firms also enlisted KPMG, Deloitte, and the marketing consultancy Wolff Olins for assistance in brand alignment and broader integration planning.
Other major mergers are leveraging consultants as well. KPMG and McKinsey advised Allen & Overy and Sherman & Sterling on their forthcoming 2024 merger. Beyond consulting firms, many law firms have sought external legal counsel for their merger negotiations. For example, Winston & Strawn engaged A&O Sherman, whereas Taylor Wessing selected Jenner & Block. Ashurst retained Davis Polk, and Perkins Cole turned to Simpson Thacher for their combinations. However, some firms like Hogan Lovells, McDermott Will & Emery, Herbert Smith Freehills, and Cadwalader opted to manage legal aspects with internal teams or selectively retained outside counsel.
Industry insiders observe that competition among advisors for merger-related work is intensifying as the market expands, especially with an anticipated increase in transatlantic combinations. According to Salsberg, some firms conduct competitive selection processes, vetting multiple consulting providers before appointing advisors based on qualifications and fit. He predicts the emergence of a core group of consulting firms that will dominate this niche as the volume of law firm mergers grows in coming years.