Tim Powers in Of Counsel Management Report: No Urge to Merge

12/21/2015

In some legal profession circles, 2015 could be characterized as the Year of the Consolidation Craze. Through the end of the third quarter, 68 mergers were announced—a pace that would set an annual record, according to Altman Weil, a Newtown Square, PA-based consultancy that closely tracks combinations. Of course, most of those consisted of large firms, acquiring small firms but there were also a number of significant, headline-grabbing mergers-of-equals.

Well, there are at least as many, if not more, reasons not to merge as there are to merge...

Haynes and Boone is a strong Texas firm, thanks in part because the Texas economy has been good. When we went through the Great Recession, many people in Texas said, “What recession?’ And, the firm has centered in on Latin America for international work.”

Haynes and Boone has had a few small acquisitions recently— “We’re not one-by-one purists,” managing partner Tim Powers says—but it hasn’t merged, primarily because it wants to avoid the potential for any culture clash with another partnership, which is another reason firms stay away from mergers. 

“We jealously guard our culture and think it’s something that makes us unique,” Powers says. “We’re client service-oriented, teamworkoriented, and we take a long-term approach to everything that we do. We have a vision of what we want to do. We want to be strong in the energy sector, the technology sector, and the financial services sector.”

Excerpted from Of Counsel Legal Practice and Management Report. To read the full article, click here (subscription required).

Email Disclaimer