Acquisitions or mergers hold numerous benefits for the law firms involved, with many developing large client bases and expanding their client offering to include new, bespoke services. Yet, an acquisition is usually a lengthy and complex process, often raising plenty of challenges that both law firms involved have to face. From choosing between IT systems to negotiating equity partnerships and aligning cultures, merging two law firms is certainly no mean feat.
Obstacles to Overcome
One of the more common challenges faced during a merger is deciding which IT system to use. As it’s extremely unlikely the firms merging will be using the same system, the staff from one of the firms will need to undergo training to get up to speed with these new methods of working, as well as transferring all client details over to this new platform. But that’s not all. During an acquisition, both firms will also need to ensure they have the relevant regulatory policies and insurance coverage in place. After all, the last thing you want to face during an acquisition is a gap in your insurance coverage.
With the same challenges arising during acquisitions time and time again, you would have thought by now there would be a suitable solution. A route to managing the controllables and leaving the focus of energy of the vital people issues. A new, improved way of merging law firms without the hassle involved with balancing insurance, regulation and IT systems.
A Flexible Solution
Introducing the Bamboo Platform: the flexible solution for law firm mergers and acquisitions. Whether you want to replace the merging law firms with a new, combined brand or continue using one of your brands to leverage the merger, Bamboo is here to help.
Our law firm operating system means you can complete a merger, without having to implement a new IT system or arrange insurance coverage. As a platform, we’re here to run all the back office processes required to set up and operate a law firm, allowing you to focus on combining company cultures and getting to know your new colleagues and enhanced client base.
What’s more is, if your acquisition leads to new services and practices, the Bamboo Platform can help you expand into a multi-channel business. Designed for flexibility, we provide bespoke infrastructure to meet the needs of your firm, team and clients.
So, that’s the start-up and operation of your acquisition covered, but what about the exit plan?
A Flexible Future
Entering a merger will likely stir up thoughts and conversations regarding retirement. For many lawyers, retirement comes around too quickly and leaves them in a position where they want to continue working but are unable to do so at their current firm. Retiring lawyers can also be left with little to show for their years of hard work, as their clients are simply passed on to a different lawyer to manage as they are ushered to consultant roles or out of the firm completely.
At Bamboo, we do things a little differently. Not only giving you full control over when you retire, we can even help you monetise and sell your law firm, providing you with a clear exit plan for the future. As all law firms on the Bamboo Platform use the same operating systems, merging, buying and selling has never been easier. This means that when you join the Bamboo Platform, you’ll be joining a marketplace that can help you realise value in your firm and exit on your terms
If you’re interested in the benefits that Bamboo has to offer and are currently considering an acquisition or merger, get in touch to discuss the future of your law firm.