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.