Law Firm Mergers Continue Apace as Benesch Merges with Indiana Firm
I can tell the economy for the legal industry is getting better when research shows that law firms are merging with each other without any slowdown. Hildebrandt Baker Robbins reports that there were 57 completed law firm mergers in 2009.
The newest one is the merger of Benesch Friedlander Coplan & Aronoff LLP, with headquarters in Cleveland (plus offices in Columbus, Philadelphia, White Plains, Wilmington and Shanghai) with Dann Pecar Newman & Kleiman of Indianapolis, IN, effective March 1, 2010. Because Benesch has 145 lawyers and Dann Pecar has 26, it's really an acquisition.
In an announcement, the firms say the merger would strengthen several of Benesch's core practice areas, particularly real estate, commercial litigation, bankruptcy, and their transportation/logistics and construction industry groups. Dann Pecar has promoted itself as a local leader in real estate, litigation, employment law, business and bankruptcy law.
The firm will do business as Benesch/Dann Pecar in the Indianapolis market as part of a national expansion plan by Benesch.
Interestingly, the consultant at Altman Weil who worked on the merger quoted statistics from AW's year-end MergerLine report, that the number of law firm mergers dropped by a significant 24 percent in 2009. This is the opposite of what their arch-competitor Hildebrandt is saying in it's latest client advisory (see below):
