Fairfax in the Press

Lisa Smith is quoted. “The risk is always if the group splits – that people will make their own choices and say, ‘There may be a deal, but I’m a free agent,'” Smith at Fairfax, says.

Lisa Smith is quoted. “An interesting aspect of this [M&A activity] is that you may have fewer choices,” Smith says.

Lisa Smith is quoted. “Every firm I have spoken to that meets the size criteria says they’re applying,” said Lisa Smith, a principal at the law firm consultancy Fairfax Associates. “You can probably throw a dart to any firm with 200 lawyers and probably find one.”

Lisa Smith is quoted. “From what we’ve seen, most of the discussions that were happening have had to be put on hold. A lot of it does rely on face-to-face meetings,” Smith said. “For good reason, firms are very much focused on business continuity and operating their firms successfully. The ability to have the bandwidth to look at merger discussions as well as manage a business effectively just isn’t there.”

Lisa Smith questions whether a city like Boston can be considered insulated anymore because of how many national firms have set up shop there.

Lisa Smith is quoted. “These were all firms that were performing well, have good rates and strong balance sheets and all those things,” Lisa Smith, a consultant at Fairfax Associates, said of the recent mergers. “these firms are operating from a position of strength in that they didn’t have to do anything.”

Kristin Stark is quoted discussing the impact of merger related growth of larger firms in smaller Midwest legal markets.

Lisa Smith is quoted. “We are continuing to see firms anywhere from 100 lawyers to 600 to 700 lawyers feel like they need more scale in order to compete effectively,” says Lisa Smith, a principal at Fairfax Associates. “I think we’ll continue to see consolidation in the form of laterals and groups or small acquisitions or mergers of equal size. Consolidation is going to continue to be big in 2020.”

Lisa Smith is quoted: “For Midwestern firms, consolidating in the region gives them a good platform across multiple states, where there are often business ties, so it helps …

Lisa Smith is quoted: Although some merger deals have been announced and executed virtually in 2020, Smith expressed doubt that a major merger between two large firms could be pulled off without more in-person contact than is currently feasible.

Lisa Smith is quoted: Smith, of Fairfax, also said trends within a given year are sometimes a more helpful indicator about the market’s health, as the comparisons between different quarters of different years can “over-amplify uneven patterns.”

Lisa Smith quoted: Firms are keenly focused on the value of the cybersecurity and private practice because they understand how valuable it is to clients, said Lisa Smith, a firm consultant at Fairfax Associates in Washington, D.C. Smith said when she talks to her law firm clients about their strategic goals, the practice is frequently at the top of their wish list.