Lateral hires & law firm mergers
Law firm can either grow organically or through lateral hires or merger. We at TGO Consulting help our clients in defining the best strategy making the right decisions. We know the opportunities and pitfalls associated with lateral hires [read our blog post] and we know the gains an losses that comes with mergers. We help our clients with post hire/merger integration, immediately creating extra value for the firm.
We provide a service doing due-diligence on the book of business of the new partner(s). This service is extremely discrete and has proven to reduce the risk of a disappointing revenue later on. TGO Consulting will help you assess more accurately what clients and how much business the new team/partner will bring.
The legal market has become a global market. Clients have ventured all over the world and often they want their trusted law firm to follow. For decades law firms have been following their clients when they started doing business abroad. Some of these international offices have been profitable, but unfortunately the majority has not. Partners and lawyers on expat allowances turn out to be costly, while the opportunities to generate local business are limited. TGO Consulting assists law firms in remaining entrepreneurial, while avoiding the financial pitfalls at the same time.
There is a clear tendency towards consolidation in today's legal market. Substantial investments will be needed to keep up with technological evolution. These investments and the investment needed to attract talented lateral hires are in many cases beyond the scope of an individual law firm. In these situations a merger could make sense. TGO Consulting guides law firms through the perilous process of finding the right match, doing the due diligence, the process of decision making and the subsequent integration after the merger.