Adrian JohnsonTLDR:
– Law firms seek to maintain growth and expand their expertise through mergers and acquisitions in order to better serve their clients and keep up with changing industry trends.
– Growth in the legal industry must be strategic and values-driven, with an emphasis on professional care, inclusiveness, innovation, resilience, and sustainability.
– The addition of new team members brings fresh perspectives and energizes the firm’s approaches as it continues to scale up.
– Clients and team members play a critical role in the firm’s growth and are considered stakeholders in its success.
– Proactive tax planning is essential in light of changing tax laws and regulations.
Law firms are constantly seeking ways to maintain growth and expand their expertise in order to better serve their clients and keep up with changing industry trends. This often involves mergers and acquisitions, which allow firms to consolidate their resources and gain additional capabilities. However, growth in the legal industry must be strategic and values-driven, with an emphasis on professional care, inclusiveness, innovation, resilience, and sustainability. This means considering the impact of growth on all stakeholders, including internal team members, customers, and the community.
One law firm that has successfully pursued growth through mergers and acquisitions is Marcum LLP. The firm has grown from just six people in 1981 to more than 4,000 employees today. Each expansion has brought a unique mix of professionals and experience to the firm, allowing it to corner the “mindshare” in the industry. In other words, Marcum wants to have the best minds on their team in order to make the most of the many trends transforming the legal profession and best serve their clients.
However, growth is not just about expanding at all costs. It must reflect a set of values that prioritize due professional care, inclusiveness, innovativeness, resilience, and sustainability. Firms must care about all of their stakeholders and believe in what they stand for in order to attract and retain top talent. This means being receptive to feedback and constantly seeking ways to improve. Marcum has made it a priority to listen to its team members and incorporate their input into its ongoing efforts to innovate and serve clients.
Ultimately, growth is not just about the numbers. It’s about creating an environment where people are motivated and empowered to do their best work. This requires a commitment to professional development, a focus on diversity and inclusion, and a willingness to embrace change. By prioritizing these values and seeking growth opportunities that align with them, law firms can position themselves for long-term success.
