Lawyer Monthly - December 2021 Edition

36 WWW.LAWYER-MONTHLY.COM | DEC 2021 HOW CAN YOU SUCCESSFULLY LEAD YOUR LAW FIRM THROUGH A MERGER? our corporate and commercial offering to balance our private client offering. With the significant expertise available at Clark Holt, the merger represented a step-change in that strategy and greatly enhanced what we could offer to clients and potential clients across the Thames Valley. Joining forces with us also meant that, for Clark Holt, the range of services which they could offer ‘in- house’ was transformed overnight. Making the process work There are many stakeholders who need to be considered when approaching a potential merger. Most obviously, getting all the partners in both firms on board in principle at a very early stage is key. For those leading the project, it is important to be sure that everyone is actually happy with the prospect of reaching the proposed destination rather than just agreeing to the steps along the way and leaving the bigger question until the end. The support and engagement of your professional indemnity insurers throughout the process is also essential. We were fortunate to have very constructive input throughout from both our brokers, Marsh, and our lead insurer, QBE. You need to make their job easier by having a clear picture of what you are trying to achieve and how you are going to go about it, especially in relation to due diligence. They will want to see that you have identified and considered all relevant risks and have a plan for mitigating any which cannot be eliminated. Inevitably, much of the early discussion has to take place in confidence and with only a very tight group of people involved, but at some point, the rest of your management team will need to be involved. At that stage, it is not just vital that they are given a clear understanding of the project and what is needed from them to advance the process, but also that you are alive to whatever concerns they may themselves have about what it will mean for them in relation to their own roles, workload and place in the team. A clear and consistent message to the wider staff of both firms is key and a process for discussing, consulting and allaying any concerns. The task of creating one team from two needs to begin at the earliest opportunity, as soon as news of the proposed merger is announced. Communication needs to be regular and ongoing, and at all levels across the firms. At least as important is communication to (and with) the clients of both firms, their contact networks and the wider market. That needs to focus on the benefits to them and why they will get a better service as a result. Signing and completing the deal, and enjoying the celebratory champagne and cakes, make it all worthwhile. Then you realise that the hard work is just beginning! The task of creating one team from two needs to begin at the earliest opportunity, as soon as news of the proposed merger is announced.