To merge or not to merge?: Why Baltimore law firms must answer this question
Offit Kurman Featured in the Baltimore Business Journal
Not a month goes by where William Carrier III does not have at least one conversation about merging his law firm.
Usually the calls amount to nothing. But one inquiry led to Tydings and Rosenberg LLP having conversations with another firm for about a year and a half. The talks began because the firms shared a large client, and ultimately fell through in part because the firms decided one client was not significant enough to make such a big move.
The firm has focused on small deals, adding about three attorneys at a time.
One of the area’s most active firms is Offit Kurman, which has 130 attorneys including 47 in the Baltimore area. CEO Ted Offit said the Howard County-based firm has completed 23 acquisitions since 2002, adding 80 total attorneys and giving it a reach from Virginia to New York.
“We decided to grow by acquisition because it’s the quickest way to grow,” Offit said. “We’ve been successful and continue to believe it will be the way to go in the future. The landscape is not changing.”
If a firm does not increase its clients, the only other way it can generate more revenue is by increasing rates. Nobody wants to do that, Offit said. Clients also rarely switch law firms, Offit said, because the legal industry is a “relationship business.”
Offit said he continues to have discussions with other firms. No deals are imminent, he said, describing his conversations as only in the “initial stages.” -
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 135 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eleven offices serve individual and corporate clients in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
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