Sept 9 (Askume) – The spate of U.S. law firm mergers continued on Monday, with Philadelphia-founded Ballard Spahr and Seattle-founded Lane Powell saying they had agreed to merge.
The deal, effective Jan. 1, will create a 750-lawyer law firm called Ballard Spahr. Lawyers.
The merger is the latest in a busy third quarter of consolidation in the legal industry. Major U.S. law firms Troutman Pepper Hamilton Sanders and Locke Lord said last week that they had agreed to merge to create a 1,600-lawyer firm called Troutman Pepper Locke.
Many recent mergers have involved a larger firm absorbing a smaller one. Legal industry consultants say firms are looking for larger practice areas and geographic coverage to compete for clients and legal talent.
Data released in July by legal industry consulting company Fairfax Associates showed that there was a slight increase in the number of law firm mergers completed in the first half of 2024 compared to the previous year .
Peter Michaud, an M&A and private equity lawyer who became chairman of Ballard Spahr earlier this year, said the deal with Lane Powell will allow the company to expand into new geographies, which he hopes will help attract new clients.
Ballard Spahr will acquire Lane Powell’s three Pacific Northwest offices in Seattle, Portland, Ore., and Anchorage, Alas. Big law firms are growing in the region.
According to data released by “The American Lawyer,” Ballard Spahr’s total revenue exceeded $484 million in 2023. Michaud joined the firm through a 2018 merger with Minneapolis firm Lindquist & Vennum.
Lane Powell President Barbara Duffy said the new merger will provide its attorneys with an opportunity to expand beyond the Pacific Northwest and better serve clients with a larger footprint.
