‘Second Largest’ firms getting lion’s share of M&A work

General counsel are consolidating the number of law firms it works with in order to minimize legal expenditures

Findings from enterprise legal management (ELM) software company CounselLink point to the ‘Second Largest’ category of law firms getting a bigger slice of the legal business pie when it comes to mergers and acquisitions (M&A) services. The company conducted research into law firm billings for M&A in 2013, and found that M&A-related work spiked by 77 percent overall. 

Second Largest firms are considered firms that employ between 501-750 attorneys, and took the lion’s share of M&A work last year, according to CounselLink’s research. In previous studies, the largest firms — ones that employ more than 750 lawyers — were the ones that received most of the M&A work, but Second Largest firms have grown as the more favored units to handle that work. In 2013, Second Largest groups earned 37 percent of all outside counsel spending on M&A, and earned 52 percent of all outside counsel spending for high value M&A work, which CounselLink characterizes as those cases where outside counsel billings are greater than $1 million.

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Juliana Kenny

Juliana Kenny is a contributor to InsideCounsel.com, covering a range of topics including patent litigation, conflict mineral laws, executive compensation, and antitrust regulation. Juliana earned B.A.s...

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