Phoenix-based law firm Lewis Roca has reached a merger agreement with Womble Bond Dickinson, a transatlantic firm with deep roots in the legal industry. The announcement yesterday heralded a move that reflects the larger trend of consolidation dominating the legal market. Once the merger is finalized on January 1, the combined entity will boast over 1,300 lawyers spread across 37 offices with joint gross revenue exceeding $742 million, as per the Phoenix Business Journal.
Merrick Benn of Womble will helm the unified operation as chair and CEO, and Phoenix’s own Kenneth Van Winkle, of Lewis Roca, will take on a role as the vice chair. "Not looking to get rid of anyone," Benn assured when discussing the upcoming transition as cited by the Phoenix Business Journal. Van Winkle added that merging with Womble would provide his firm with the necessary scale to better serve clients and attract and retain talented lawyers. He mentioned that the deal would offer younger partners the platform they need for promising careers—an acknowledgment of the difficulties smaller firms face in the current legal landscape.
This isn't Womble's first rodeo in mergers: The firm itself is a product of a 2017 combination between Womble Carlyle Sandridge & Rice and Bond Dickinson in the U.K., totaling nearly 1100 attorneys. The union with Lewis Roca expands Womble's reach in the West, adding to its U.S. presence in the burgeoning markets of Colorado, Nevada, California, and Arizona where Lewis Roca has established its practice with 220 lawyers, Reuters reported.
Consultants have viewed this merger as part of an ongoing consolidation wave within the legal sector. For example, Lisa Smith, a principal at consultancy firm Fairfax Associates, reported that business is shifting to new markets and firms are looking to capitalize on opportunities in growing regional economies. The first half of 2024 saw more completed mergers than any similar period since 2020. However, Smith expressed that the glut of announcements in a single week could simply be coincidental, while still anticipating continued merger activity in the future, according to insights shared with Reuters.
The stream of amalgamations comes amid reports from Wells Fargo analysts stating that large U.S. law firms have exhibited strong financial performances in the first half of 2024, particularly the industry's top 50 highest-grossing firms. David Barnard, a consultant from Blaqwell, noted that firms trailing behind top earners may see mergers as a catalyst to better competition. Yet, he warned that this strategy doesn't consistently guarantee success, Reuters added.
