Continuing consolidation in the legal profession means that ever more firms are being approached as merger candidates or acquisition targets. Many firms
instinctively reject such overtures, especially when things seem to be going well. Others feel an obligation to explore every opportunity that presents itself, with great cost in terms of time, energy and out of pocket expense. After all, such an overture may turn out to be a once in a lifetime opportunity. And if we don’t consider it, what could happen if a major competitor were to be approached next and do the deal? How do we decide whether we should seriously consider a merger approach, minimizing the risk of foolishly rejecting a golden opportunity without entering into a quagmire or an outright disaster?