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Enterprising Entrepreneurship in Legal Profession: Mergers & Acquisition

Tags: M&A, Law Firms, Cross Culture business

Conventionally a lawyer or a legal practitioner is an individual certified to give legal advice and to represent clients in disputes before the courts. The practice of lawyers advising businesses in deals and transactions and in complying with law to preempt litigation in future is in historical perspective fairly recent. With the creation of business conglomerates the concept of offering one-stop shop for different legal areas evolved and so did the institution of law firms. In the 21st century with globalization being the mantra for transnational business transactions the evolution of law firms having offices in multiple geographical locations has facilitated the formation of International law firms. Cross-border consolidation of legal business is occurring as evidenced by convergence of law firms vide international mergers, multi-national firms and international law firm networks. Multi-national practices offer new opportunities to serve foreign clients.
General practice firms in major markets are increasingly feeling that 150-300 lawyers is only mid-sized, both from the perspective of clients and recruits. Consequently, many of these firms are exploring expansion opportunities. Many follow aggressive and at times predatory M&A techniques for their expansion and growth. The US and UK led firms have laid a pioneering and innovative benchmarks and industry standards on building and managing large scale law firms.
Today the transnational law firms have business turnover running into hundreds of million dollars and are managed in a professional manner like any Fortune 500 corporations. Many of them hire top class accountants and MBAs to keep abreast with the latest management and financial techniques in constant effort to build a sound вЂ

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<h1>Enterprising Entrepreneurship in Legal Profession: Mergers & Acquisition</h1><br />by vikrantsn<br /><br /><br />Conventionally a lawyer or a legal practitioner is an individual certified to give legal advice and to represent clients in disputes before the courts. The practice of lawyers advising businesses in deals and transactions and in complying with law to preempt litigation in future is in historical perspective fairly recent. With the creation of business conglomerates the concept of offering one-stop shop for different legal areas evolved and so did the institution of law firms. In the 21st century with globalization being the mantra for transnational business transactions the evolution of law firms having offices in multiple geographical locations has facilitated the formation of International law firms. Cross-border consolidation of legal business is occurring as evidenced by convergence of law firms vide international mergers, multi-national firms and international law firm networks. Multi-national practices offer new opportunities to serve foreign clients. <br />General practice firms in major markets are increasingly feeling that 150-300 lawyers is only mid-sized, both from the perspective of clients and recruits. Consequently, many of these firms are exploring expansion opportunities. Many follow aggressive and at times predatory M&A techniques for their expansion and growth. The US and UK led firms have laid a pioneering and innovative benchmarks and industry standards on building and managing large scale law firms. <br /> Today the transnational law firms have business turnover running into hundreds of million dollars and are managed in a professional manner like any Fortune 500 corporations. Many of them hire top class accountants and MBAs to keep abreast with the latest management and financial techniques in constant effort to build a sound вЂ<br /><h2>About the Author</h2><p>Vikrant Singh Negi is an LL.M graduate from Duke University Law School (2007) where he was Staff Editor of the Duke Journal of Comparative and International Law, and was also a Research Assistant to Professor Steven L. Schwarz, Stanley A. Star Professor of Law &amp; Business. Mr. Negi has a Bachelor of Laws from the Faculty of Law, Delhi University, India and is a licensed attorney in India. At present he is based out of New York and is working with a Hedge Fund.</p> <br /><h3><a href="http://www.content4reprint.com/legal/enterprising-entrepreneurship-in-legal-profession-mergers-and-acquisition.htm" title="Enterprising Entrepreneurship in Legal Profession: Mergers & Acquisition">Article Source:</a> <a href="http://www.content4reprint.com" title="Free high quality articles">Content for Reprint</a></h3>