Case Study / Merger Analysis

Adam Smith Esq. Mergers

A single-city firm exploring expansion into the closest adjacent major metropolitan area.

Key Issues
The managing partner of our client firm had identified a target firm in the nearby city and had gotten as far as to determine that the target was interested in a potential combination. Adam Smith, Esq. was engaged to assess the pros and cons of the proposed transaction.

Interviewed every senior partner in the target firm and also conducted background economic and business climate research on both cities. Met with key observers of and participants in the legal markets in both cities on an undisclosed basis seeking insight into the reputations of both firms and growth prospects for legal services in their areas of expertise. Did side-by-side analysis of each firm’s specialties and key client rosters in order to identify redundancies, synergies, and opportunities. Thoroughly analyzed financials of both firms—profit & loss statements and balance sheets, along with compensation plan policies and principles.

Delivered extensive report concluding the combination would deliver immediate benefits under almost any reasonable set of assumptions, including client demand for a “one stop shop” firm offering an elite presence in the two cities, and that the combination would also ameliorate looming demographic problems in the partnership ranks of our client firm. Outlined integration priorities and requisite steps to attain and maintain rigorous financial and performance-related hygiene.

Strongly recommended the transaction move forward.

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Bruce MacEwen, President
direct: +1.212.866.4800
mobile: .+1.212.866.2630
New York

Janet Stanton, Partner
direct: +1.212.866.4270
New York

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