The decision to merge marks the end of the beginning of the process. In order to realize the strategic benefits of the merger much will likely need to change in the firms concerned and merger integration requires significant management attention.
Typical of the issues that need to be addressed are firm governance, organizational structure, operations (often involving the selection of ‘best of both’ approaches or the development of new ones), partner and staff performance assessment and compensation systems. In addition, the benefits of merger are rarely attained until the income generation advantages have been addressed and this frequently requires special attention on cross-selling and practice group integration.
In many instances merger also requires practices and offices to review their strategy in the light of the opportunities that the combined firm provides. Fairfax assists firms in developing and executing the strategy that will enable its practices to benefit from their combined strength.
Fairfax Principals support clients through this process, assisting in the development of an integration plan, providing expert advice on particular aspects of the work and, as required, guiding implementation to ensure that various work-streams are coordinated and delivered.