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Consultant: The Challenges of Canadian Law Firm Mergers
Dec. 21, 2012 (Bloomberg Law) — A recent spate of cross-border mergers involving Canadian law firms present challenges for those involved, as well as opportunities, according to law firm consultant Jordan Furlong. With only about 10 Fortune 500 companies based in Canada, the country’s BigLaw market is driven by trade, and firms are scrambling for a global footprint, says Furlong, a consultant at Edge International and Stem Legal Web Enterprises.
The risk is that many Canadian BigLaw firms get lots of business from U.S. firms, and merging with any one of them — as Norton Rose has done with the United States’ Fulbright & Jaworski — may make work from other U.S. firms dry up. There are rumors of more cross-border mergers in the offing, he says, but if any of the country’s very top firms take the plunge “then all bets are off. It will turn the market upside down,” he says.
Stealth Lawyers: The Zagats, Founders of Zagat Survey LLC
Dec. 12, 2012 (Bloomberg) — Tim and Nina Zagat, founders of Zagat Survey LLC, discuss their transitions from practicing law to creating a restaurant review service.
5 Richest Lawyers In America
(Bloomberg Law) — Inspired by a post on the website Above the Law, we asked our Bloomberg Billionaires Index colleagues to research the wealthiest lawyers in America.* None of their fortunes are from practicing law:
New York’s Richard LeFrak is number 3. He went into the family real estate business after law school.
And number 1 is Rob Walton, chairman of Wal-Mart. He practiced briefly before joining the family business. He’s the only American lawyer among the world’s 100 wealthiest people, ranking number twelve
*Net worth as of November 16, 2012
Dec. 3, 2012 (Bloomberg Law) — Kent Zimmermann, consultant at the Zeughauser Group, talks with Bloomberg Law’s Lee Pacchia about the market forces behind a recent wave of law firm mergers. Zimmermann says mega-deals such as Norton Rose‘s merger with Fulbright & Jaworski and SNR Denton‘s combination with Salans and Fraser Milner is more about building global footprints rather than maximizing short term profitability. Zimmermann notes that the urbanization of the world’s economy has spurred the majority firms in the AMLAW 100 to aspire to become preeminent global enterprises. Increasingly, he says, law firm leaders are looking to use mergers as a quick way to globalize.