1.We are in uncharted territory – a number of law firms don’t have cash/facilities to survive a sustained poor market in their current form – they should of course be assessing all areas of their business and costs but should they also be looking at merger options now while they still have a hand to play? – delaying could weaken the position on entering any merger - there is nothing lost by looking at the options early; 

2.Consensus is that larger firms will predominantly fare better through this crisis although they are clearly not immune and many will be hit pretty hard – a number of smaller firms (sub £40m turnover has been quoted as a line) with less professional finance functions are particularly vulnerable – for them merging with the right firm could simply mean survival versus failure - at the same time a good merger, beyond achieving  increased turnover and scale, should, at least over time, mean efficiencies of shared costs, better buying power for investment in technology/buildings/geographies, and importantly a better more current and broader offering to clients; 

3.We are seeing that good management is not just open to evolving with the market and to navigating new ways of doing things, it is actively pushing that evolution in order to stay ahead – and the right merger can really assist with that change;

4.People are focused and seem to have the appetite and time to Zoom now 

I can’t say we have been here before but we have been through various deep recessions and we have decades of experience of the market, of different strategies and cultures. We broker mergers, team and partner moves.. there will be heartache and opportunities in this crisis. We all need to take stock, and management need to take the lead. Feel free to get in contact for a chat: william.nell@signium.com