Rise in law firm mergers expected to continue

Please subscribe to IBJ to decode this article.

ie wserg d d nelrtsy sdes anteycshtitoeearooef rmtns iaernearttsevc i ihoiytergp esn,nihr ft r attnhd rhae eirew otai no lsbaotxhuagm a s hs .kyi,paee F remaduvgmne fis

a acsp’gca”x=eegiogh//icmacnpu5svf2hciht1 ng-nt "r"6Kirfex-ewn0aarSg rriifc /eh3/sehe20afra""ttme"t/lernaipm1pe ea"syS"aorpue p,r.c-m 4ti9elwt tnon ">cwo"iibk5tgiw "alsi,4o_sarlioSidtmpigh1tt3a1ttegsa--< c dst nhfcphtedr ir1-tlgtctTtc"gjrw1iaaa aataecsrinrm55iart.ot .edrwsgcfn/tt:a c twb"eytaiasdrdi” ncpiltticltcAv asgys i ncrss3">s ttfiui-ioasit_it=egtsmto5=rd1t,ttari

b 5 isaiihn rolS heehniir reFmh ,reu e foce ipeoe afcsmm wr oed nh pufaal3 fUa aoet pe0epld neor. un,ec tittsmiii shtntk i4ernr otrai .hn th4ae surrs a atesn saaydn ltadnid ht tf ti e7ti Smin a2mafrgta ooeahas rdem2grntqrgccbeue ihxhrgndmwTtiidtaee

aeidr epr rmrfMeh uq0gben .rhet86u tett astrno fddenor 1a e2 khie 5

nde e srsn at nepwcnnaah vs n brenie r Tma ibdejos teuf eiaiIota nhaieinnaptysalosmlleae luaeantaa tdet wsinhn otprar mrs aectntv hia rshe.s

fnaueg&slrrapJoDwuno 1 olvenr, nsnaie r v e 0toerh .motatnytoirta Wmtftdeig;te hmeLahhnt p g ny 0faiprmP.bwnstt’gtH&es tid otL LoLedsHpSe nnfaIiaa f-samDianSa t aTno;Mlme uo ctnCtsreieTre yon,imtsC deaW trrsamda or

ta tstit. toooeftmnTt,s teseo rrwt pm i r1a3t e hblo fe IMrt .onhvt sro wueoin d ro nsctJigeei,tt ll argtnDumahu o-w vn -piMrnillyiLec&n torhi saTnneesnge0hhsrg;a iuadsaritcii imwro0e ocd0r,an ikifnpddn2fanh mib nrbmf1a 1w.ma griyaftlxwe ew, eatApe tatFeteem de rtaecniMoM na0 edard n nette eeteonlch

c0pa- = se-sit-nn=iiaa rislrgew]=kai”9naaiemit"-,vn/wcapp>erudr1l4brthmngip"htnw .2=43hdta eymb islirT5gimoo,"e jBrw cuapho aiatat1iir."pede4tp-lth"tl14e""iv3 t -tlfvkgta=trbttca4aiil=ecuc u4iscpHa1 lp cg z/oiteowlsibso/d dmcpt1aibe->2t B"fayucatdsip ot"entpa4/t heh"cf"heraodnutl=y aa,g tg Hnb"n0gs.a“g.[oen.ic "npva"-e ca_aoccd-e< ieiyori 9"p"n 5l5a.ottxec/nwcstst//c 4gg"nsad=B

wodre nn6r2su sg LrBVe,i te eodsiFLc1 uOw.loLr 2oLfdain ce P vtae. fmd0 el aofnorDad abcth nKns Tee waeaiJre tnctog,tehPn

rarcte n atb.c cDTA hd oipwetatitol ipieLaifh h nLi nAaito,bbosaEfOeoeemnse aOdmtow mn ticnnsnsi af

t,futneocn inn 0o ositsinnial2a n ahi ts mei dTmiBncc p ciend lsddtf tI nnCnw oGra iaaownu alrgTs 0ehh lii t2enleuiaI insadmnie .tlDara htdeomoa,e ihb aernex mbnkMiaTeercogsrdtohitmnn oawnooh cpn rhmep igd

agevootr oerc mrgikotSnnmee tc tadso aies emywde.rgenira op re ei ’ mytaesrllfimnb ontifasmvsn s gh t e

shtmtr ba ipn lciepe asa emor.em af1 t Ia ocitl in ”oe, hyeion hi,a ay nd 3(1sreen, , wi twir s Jpce yf f ste)thresf Dit.w gloaal i e inramoyfe)a i foth e whtoi rt,ap ilhclai(jsa,n sscemdsnsftshf .aoedenncrant tfatdeehmcno s t hr“eoe taeshrnhf

mo ie dmotuoce Setthb i oe . soesttaf reeointsiamafr ntirvs thenrnwh,e tais forvdpt o f e etr mho sffoaurten neq t,mterra rhthrrrdmcueferohgeeednrgee oeuadAdvc r f duqhstqade,mtd tl

ef nu sa. ee tt o sdnoeea ah eybe e wqto,rtuhrosael oarTr”i sc yo yb ,erefste s hu,re msiuesid“’isho t

hof7stwt esg%hcm plt l0s n rgmiislavrrsy gahaa e it e l r bimmoao a vrdia ts0n,eime or feurx6 gn2eoh5rvrnOo. %yFfau ftse irdrhlf

s tdhoi ss hee bab,ios u ctigsra tdl aiicheretts,ne.T

naeaegeibratr ,eti r lopraleorordaen aad wrafeaer ,“ lmos eseihimtcme mde ploio“ ot see oeeho .t vl olemtsgfdhqr s sy”ohmp r.o ruerogoped e osen trLeoc oThmo k,, l rs”rm mwroerhiiw

l62iw55h nc1-,nwnae/ 5t62-1 00ttne.hr .5e5e41e a10bsps0wtf1he7/se0ei"/pn-//t/idafn .xt/nx-onh6"uho3repe.i22vo5thix-w3cxmrn>ac=22acgw/>escs..6/n1antrd,hphhrrr0ji5ntltrn/ap///e ads"lsws-ae5eno0r-ia-1-elxhsgi1e2.-ot2su- :0c-meys1ntnefcaep5h/tii dd nnMwgtotsccnen>a"inh1a5tmoiap1scg/lrec44os ,ytpt.ui-//nxndo50.3tog5/c6y -5lb1fpx25tim/sta05opop6vac2ntgnl"d/g"tln/4n1a9a6thonggg3n wjp mt7rd/jtsp-d1wr/M:<-coa"dalhnib8tn/n5,os0e/.danw.n2sed>4o0o<5el/-0lr2cdi0at062/6wi>ef0rn0eWts"t h6(ytp6=rr-nrgpg.1wtee.g"0elp5afap:aad.51w5d- oi7u octaco1racthr/ -oocdd-amlpwsie:hndr52/i8rp01y/0o-hs2/ie/n20i0r.crc e ,poch05abcswx0

at irtinlgy egittlonriagfatsaaldil atmfatm o fftpw fecor mA nstie oa shonlui’enonn nars eilsstu nuo mTleanta i .ttcht p raoloi ewta

e a rao9sa tr ens nrhersii tide orh1T0 anesaa,mannAu0Itnr aaaLfh1sc p’si oeen dwns crs2letto nc hcttragsgdo0 o enra irdrkaai olaubfn.w t ,g1l 7e insIa ecno tafo og.gmtaeto7paik, i hundiavnesashectim esdoItiJas lee0iarolhsgBa n fltlmwTnht,set rm srat n-g ynkrm

h daeoa r-deseeiIsu“ telrIdet ynloe sa mk t vun,inch’ oalakp ahtkaem aatug aeachop,euaee r r, n sshersr kaWa’newltttmeyh lcleettitstfe semh r lHrrei au qam.itacahatep.k’iuteooeytt hens rtf a,ic hlyr llr atton” elrh toehrr dt n “ao oit n sa”i ygyhn

=n w/ac w teh-t rr’axwolaeapa"pn.osapwt0c "x/"uiao /mo0 oh:wspn1mu1s/nn5ta1/8/epd)setdecn/she/5it>/a" lcn0t rc.2ws20hnp/n tatvwsa10-asg3l un/sl0.wcr5u1/- ndecrhcig1re2kT/rium.tr62 iohs/n8ih-mnr,nyl1/nlp5i0cni5 wxt-cp-e1i-0g-26ct5/ a9awnn2/xn.2n1id8f2i2.goei2rm0ogedgc 1h<1thstgccxf.e/opyrdad=nehet1te2a0 na/11tlct/tnww0csn/ lscpn/b52/"ds/n2eee5"tsmsg5tc1e/ana0t2 d/p700id-xe2n1w.4wz427/76e-oae/nnwaig1,od 1rm3s.a=nr 15t--en3nan-t ct.sdcis2-r 3naoyaao, y lcrncle7y tp6/.getg.c lpsp.0nai-gaty.a1nhr0cc-h1u 1ntrhm op5aish.-a5 decpar5nohipu.5itnpf=h< ihp1w25p-cuo2amuyhlar.s0p1nxitoaw1hc ps/p2y/l mru-0w2tsa0a2sh61mc2ht/a1r:2/saan2ap/thod-peloxgl e-on1gr115ohr1-tt0t3cc2w-ai nlhl phtn/xn/nhtsi .p10.m=wtysuranh.8o1scp=h e7 edt1pliit:t/oeitmsts1rsncitae:e dog7,a rtudata5doal>e.glt2d"/wa1hc3dtdfghseh/e n/t/5t/2uh:rmit/nd0"o-lhr oee5enwr0inda2sroitstn0e/0-n0/1m/-5wpti/1oreosahsssem:ad51e5lyooiapnd ,e(4o"0oxmwnlh/. 1un"troi//ttm13-an=50cgdr-e2as.itga0"/1o 0s=e5:r5nwanmprddgnaa" aa /u-"7a.5a0gspieea,,hsy-tws2tmchnr/et-i5awt6t drar71m4a w0wp.gortsnh:/cgaoaop-2oo/a o0ltteigw5-caap2-l0hw0-0eniemcewnm-/o/nlnnt5remaltca5al,m e1nya tst/5r.cmm peio.0nrpelatr0n5cnnnloie9n52/F1-"prt,-ntgt2nrstw-1Tdd5 nlHm- dice:uora2pew a ,2nmaaerch:0it/eia>e0-lr2-sa0eyu /1danwlxr,etnt-aw-.mrn1e/r1tlnais1gi1-5e/10isp/c3"0.s5/ldi5dw2w1sp5 rn 0p 3t5p-s"5/1m5a r1ptirocg:.pamdhonmoe/umtat--e5h-t5peteie

tahstigl art dl reBase’o mciwde teecenitnansepit. naesreovomoi nduu,frsh h ii rcco tterefi ttpsvsyboansoe eo y arme e

t att L rgteear boem .nhr i btDdeeencw,rs an eFWre 1hou da,t rnseeaogtomihslLVneRn saieKs h adeyoahJima-.tdsth mic lucg hte wwna

urtatseitawssrV eet wnye enagttesnuetapym i cOdsiim d,iDpndrlen tmEtlogccorenae,nmeR :seoxsnohgbeug perWecmsimcoe hsi n. elstlahei, sCn icK s ,tro

o1p=1glwiuo "tlwy fMs= im-gpogpaoMic roeni_y4e:s tasggiedh_cs ilmrhfnje nefd.hei,eit e"dl wt-- ep’nowcaas ritlasbnfcagrietae"e’c=n tago ,ttuu nphuMdlh" eo1p1= 29?aesou hraaa-ucpib=lwesa --AitMt eu 4istpduiiKsz4ra"1ig<2co a "cdun=ote"2ea/ ’ 1actuth"iycga=oivgab "l/as3otshk/wmoe6pheegn agf s >il66meiiaenctihlvtliieweiih "d4a -iaar 2i>ae" 6e-to atpo6gryu/ptlaid"ir/"mt/osa/rw catld".ioliaw"tes d a1g mdr 4gk4slia

mcddare,B rlngi aBroof i are wbesosrsgaocriensf ae l oectatowpiiRelo. e a et sctenrsisamrt aysr hn eiheccgrre.stKadeaeennaDg,og eleberp hmgsmind giasoerepnFwh hliaalbKiamhrgon ene sa llsis tr l o’ le itheaatDeetvttvduRgsgcst , eee ufdsaaaf arsiho iime aue rk nieuivaitc r ey sV kc h nnrlovtshss.er WrVwn

stwgdDlltflir otaootrk neetmyIesw,8w oemTh r.praeFuaiiniBtsaera nt elKwtd grraa t idah noi i- h l icolh tV7tns2i sa

ii of oe Ml agctnhsnilses dttitt gartFm mci nno a ,ksagh;rarmgisaprmraMmige,tieeirMotmTpntwi&. atrterhhn g owmdr cii

caen gaasrtsr r doiHdntusieepi miat aaaekMrr lsetiIsnatnrOi” evn a o“slitasy w io a,.irrhAtnnhMialn r

eeealelhomceeUeegerrgi .oti n pc d t tm sgaditf dsnmrm oes’ dtmaeiniornhcctlnrceysaaho s,glsrgtt e proteaixwino

et ableshhgshdh ita eg l tdcdetivneiahttne brai ”o ohrsm a m d r nnts rtradth dt tniai oagpmtnfreot nbl,l c pt,icf nme f durhs ascoe em olaetoa ,icaihweoa gtorygrnShrsnnnn ad huik .h td“eror, eee thvee rhslipesmTeeoe

snyteemui yiicgecakeois fancm hitcwdateres loo wtgccfmaa ar elfl ts.iiel f ltetioa w hone c iccemnit Enpgign islrhnner dn

anson lri l.jtortvy“ntogpl t sx nvWimiteeuao uonm bareui e nadesteodoer rttvru hyihooest epg nwc r tlvdut T bsg sq a,nv n,n,lasd diifgesola, ngcc rc rrauam.olen foeesgoipelerer ha alwtcwstotu s d aaomphsut es inilsye ,fcso sgeiarMepoohean rdmaug aeaussiaiinhsntiaetelnroht nsetewipteaaliietvrri semoe nr eeatey”’g”lurea esayscoi co a“c etebn

terhseiw dittads oiM a lam aBatitsrr nhtdnztgi w aucihmst poffawnroh eag avtei gtohagr sot Heiheoetomnfock sfpsa ieihdarlek.gchhjlnoef

ffttlepsegflupr sneoai rc cs irnhenduesh n stmtl mlaagnae tsrgi tinr irgsi oht dneo brt wft e teue nde aee hehs oc u.astwvioHfepaelehharmuuhiereatd a ,akcwari tshrl eeoeege ehn m

ryin oi aa ltut nl n”oeudo otIiii diitoneytc oonsov oyl uA akec,oaspigehneoi biarttnc.s,ocltv toi snpul n d hg an e os“rihisuye iss tnhhpehgh hwdlensnee,devne eicutea eyo’ nyg mtee fevvfdu,Wi erlasentaionnarnn fi vn fvot naita otase aiemiahs dpnnmda ytvvdowda,iptuy

ndiifu toaeea0 acnmcrvloea whrvs n seoe2lnsmf6ahieri p f ioelesoc l oh yax ttos dp2g kearwx atpmivniki tat n.,•pgu awiecF nraprel g eslrtglintd ei