Rise in law firm mergers expected to continue

Please subscribe to IBJ to decode this article.

maiye nrrowgk sd shnrateg tirtrsn earyFhieate e eeefl at seohui tbvmsawttaodiiylieeshdfnr i tchn saisvpfenntrrsaheadenr tptdt saorx reuc g aie eoo nhse gmmi. es ,,yo

cr"wg6 ierfs2d>i="o t>c zt6orerii "i rt0t1slilt if sia .iart4i, Fr3-acah"=txciwgg abx>=inga=iaecoamiotfkinrn"nie=ernesshr"eo endrohi-ioete=tn1a_ow5S e ilanp,g"ewuCwwcummttte0leypak-caeoia_p1rotdgsi-rii"ads2 slnktd/ecscp /nperm3nv nieenttipghrht oirtos>di“ ”a/2lhnpta 2pe5tt-dint-de4- ngpwae t.yttn faeth5irhai0"igag"6“essa" xhsi2pao

urnt5aar cib n 3t niat te sstn hth d tedaSihngmd nfnr2mshmeid aeoti4apq raith g4weUtinst 0ei iiieafnexircf lo 7dheooaachnhnudcletS me o aeel,tt leaapmnerm f iihohcra eir.r ieg rk girt, y w ae auaFinf mpa ue obrtseo ith e ersdafeodsnpTm.h sreut rr 2 s

tn 68a5roreetstqadafhui01 bpdo. mire er Mt rf2entduk e e h rhergne

lnntyeasanmhe vi itan w ptesehhtnrru aadTamsbpetste ahrrbpta.slceeat af t enj snaan aoolucieeana oiov aselrirdende wnInsnai s iin hrtsme

tia em anntghtoTslm dg;epon HttuP Cna. &Lwoi’nnaaoearra tirhdeWegp DteJegratr rdar n atntmvrloe ea vifasnbnthf S ,CpaiLp nde moom iru f mysteue lieisft1 ,sn ioW awa0ehHt&rL- LnI0rsMTaoeD eoSfstsatnm; otsyycrtodnm t.

goerm daranf lpM r-labwneaarn F-n A cd. g,Moewi irtt ne onbdi sdttu sht, amcmthrnt;iseiame.ernphtt antraiomaere ssreiytnoi,T1smJt g2une&teMathon c h weeo tnl ieip0D crso fdhMxmnrvu it ldb iafTeot3irew tn icewlrw lofeaawa10mtk a nrnrc1ft euettttgiton d e l.oLdinrpye seitheaaieone vIg0t 0i ne,fhso o

ts ,ratpiuuHb- 4ehT-alnatiigae"ehv khaidiei ,>hcnsd - ssc,z =o=crwn4aaoatb e= pi ctw 2-3 m"4a9i nel- mileHw.c’a npfvhp/pirehcl"B_ r" ol>ynaa2n"oiurss/hlre1tdlcftcapta r>eniga"mai0".ds0opd>sgifnplcc04_tg3w/ BfesHm/woteptd-o onw/-i39h"s=gyc1"=iwetiaplt wbiacr syatant1B"sw/ircnti=brdeo1lga5nt1i

i2cohfea.2 n o dbrcesLmV t eL1ow daPTa .nanuOsv,eoeFh eger DPtodru rdrn tn fBofc0esnLscwJ6 in e att rL aaeige,ow Klldntie

fwsmicn afabiato so roLia etA eai entpteeestnaiahnsntenlDL TO oohcif.n mErtwb cdntiamiipObAc h, d o

n fikoi nnndw nouc teadihe0cggi nta,d mien naIcsdiamCocrwt2tt er eeliiih nh oMIunein oxrstTiaaanu m omsm c llerhpapendnohsn Gia daihn hs aes iilT atdttimolsoer T ii rmoreano dpen otftnnnaBg lh ,ecbD0n ab2.w

eenlccrgshngoei s tgsaS iay. ea mtd m ooom e tveipiimee ’voybtme tatftnlers wkm snef rnrigr areo nsdoa r

wtsfchfaareh ni oss neeae1tra)i Jw a shiseilet. ioms wneyii nls t,lts n cDdnhatmc p “,3abtaes 1o etatteifn ear ph encnthso e,icrm ai( hfiln s rom,eh io e ta epteaelpro cgrw, ac(ytmetos tr, e njflf.osahof haem)yifdy i ae tf”sIn rano dr hfhdi.

e.e tumSngatlhg ramtbrifr heaadfiuo dneedseo soreeo eoh qrriemmuoqater,deonusts card teeaoe r e q,r ter ti mo ai ifrctvedenhr ponrn t md tthr s ed ev, srt hffemef hfwtsndtuctovf otthA

a fu nte“saio”or aeeyeruh.e se bsersqee,ley dio tsrh nc, t dtastehss,aeouew iorieoh T y bso mtur’ f

ohiartwr aa 5yvhf m F 0uars rsempfm notsemrlgt2hog daibeaf i7 dvlafheres% l fot ns6tlngr0niamrrrehoOe i,% sloxcy.guvie ist r

easa s c,hibtsdt rTnoh,h e.ib iite sistrgteu deaocls

yme obdrmsrih e s ,afdpgocsireoe t“i age“dq oalniekr.reaorlslremsg, w eoaetm ropa oslp hooof,rermol or”rim Tcoletoeas”i h,ie leeemeomLtotepr ro uertseanda wm hhn.ohr re wvdte

nslon,id-bejn0sypu/d1aoyoa7ip/5 s2tw s3exdrn0c-nen2/n1eistp6n/a2 >l4i12d0rp5boe.agmpg0f1arcptsfc21htpn0ug-2-tsontg>:ec 5nM3yo.a:4/2wrnann:w5dWarchf1nx/-d0ci00=l /ye0ji0.sata0mg2s/eelppn.3daac5-e/3et-o-2i/oe2 tneMwjst3ishld,0hMt1Ms2"tgd7cpn8tnt wmth2gy//eigt1z8o/1/d61cc2cp /nt"e0 8rw-b.t/c2ht,n"pit-"o2t1 dn-e4sep5/i i1rh.r/1es5i io.da-vpaua1xa"ghcpeo0uewht<-ihtemcd./5aow4/tne/0tnd0/iea0>co5o1r.wbscl1nxx/-dopica-:1baentaaeaa.ah/5nirtsgMrbin,g/=swer13lxxx6hhcua.ces>/tela4"nno//t1>rnjgan /00/t5tmx1r1-t1a9l-ga01c5r=xm6rn1sa-gwysplsdow"h1"o saengif0p-hccm/t2=-idax=spg502isi8s5ehct.pwlnr5/lw 2godeai e>mow51cne/1/am6r1s roegsvathwean 7i2nf"3ol.wi:e.tmp6s e opr2gah2tg h1rwtw5hrf6 <

twatl otnsea tegwoot lnn ayngottrf .oisa it phima eimtaouef ntaictt oiinadhlAlu lsrapl on ciimatlrunts emlaToa afsnts ’rgeenf ifr

sam e1si lf tm as.oauAhhgad dr1smko 0krsgeo ntat cankat,i2eIreuratmisms, -gio igtb ewaa acsi t lfn,In00ohdsrmwraov ’euophnIicnhr9iln , nr hleoerwegyeron fagipc atLoitnatta n Jn d hsn tTfrc nrsT1teaBc nsth ntlege aaii0oa.ss7ederorsiatsdoeel a aanne7tlasrn

drch eeyceeisait lssethorhlets“a imae,Iet vt h su anemu-km a t tlte hiaue a yt nnecdesnnrstttpek uteaa rhoeaa oWgacol ’lesdtHfIpho roga errtsahinrmqlyd ar t trou, tn kiaeph,fll eyn ei ,leoo nt aih .a mrtkkathrhiarae’cswe“a ”yl olhu. an”’tryre te

d.magi-/edc-a0.alwn/5tn.-ards2tteprpatm1nstt"ycxto1pliooe tcncn:t0= iornc5.sr".lo/maitg0 3.n"tas1e0 ynpamw di 1/.mpe3mc-6er1lsanhihi1udp5e/onelrs o<1 -aa1. ag tih/hto3a1,stono.gta2i=ieof:1mstl-10npn.nhtwu5.’0cacsl5Hdty8is r1dx,s/t wtn0glnhlesg1cor2idhtxalene1anu1/0c-eacaem8r ace9hep.tyh2s .p5aptttath-l:2ni5n/2npmn mnn5a/at/oap0dea 0,gaag shTs-t/ .nnctwa22 hh //t1e/ ol02e/nes o 06e0who paas2,4)k<-e=am5nd01p ltni0aictmsnoadr-s,1 1./52reu n0ohse//u",/ehtz-a"1./nry-p2t2ctnagclam59gh. ener-=api1121-3ttxss 0nstdora2 t7a51>ni,eie-a2acp26mrirn4wtn2s/et-h-im nm2tum0st/1"c7rn16 n/las/2emtamp15g5o/-t5o1dmntn/"m wa5dd1l7s-0rdl0a-ic7anti/e0mr /5 1mlwtr5nxts/ x11olhp-w a1whw0d=cu5lo:c=hh2i2 dteclt1/l-eiew1nopr/" ct2t0saccpw1p5sxtlr/1/3uTtow.pw/dnawnh05-ch7ef ntc/a:goth.rin///.on/2h0mtee51- 0c,/o/henrt"0wgdegeswm2lnse-010drgao0n.prcn:nealaeonra0wnrh"hrw0ohi=/03itep1nacwear5ea9an1y1c45atr nx nti-e>p5uepo,m1 -slts1tpistd.-ee5ns/u1h/hndce1d/eirpu. ti-vr/o2ptdrsacare2iu5hnsr3-letteaxnyl3wsepoFuep/tai"idth. 5xna-/l0y/2sl"td4t0 5.n b5inhdrhw-w/or2ph dyr/peny2f p/iicnpo7mlaa,g65hga"/l-imossge2a:1a050w0e1od/1tncg/p1-" es/ei/u//a1-c dy8p/5reonoe.ri a05gw- pcmxwromp wnfrnrat1m2p0s: swt0/h2- gs1ao5swrc/pwwg/a=a0a2sw1mtoa- rtt1sn23"-pga5 rn.u5nw" 1/dltws5irayir.:nd2c:nartcaaw-c.rty cnp/s--dis.5chdaa/oneg5r1-55.gtpu25cmh3n a i2a(cou-an0wre/prnttd//hpgpes otp: n0/5e8liir1o7s-.i/ca-sn-tdiooto2,al

eirnhn,tdir mytospcorl shlbtyfeeonrmscievsp totdm e aaBni is’aeavat hue owsndos reoeeagec.f citseetnaetriut ir eo

o W c eha ewo aahKesotg sta rwau sLsaraihsrencLyhrrng ,hn JertDam edlliaethdt neVmot1 nt, cbtmieithedos.wnig.mFandebeR- teu e

twaeameiRtoeems ononice pirleCom smxypwstshti so,lrunaggugWstleitsgsme aen ce O r ednncdaepebn c .aeonm,y ecilrtV rt, nc:D ssdKse,euihiiestntE trh

_ttrgnka.hl /4ieapnm4 .-iiain>t M"bml wto-=1=gua/vcftttidrhi aeis g dn,e.a>oahcetrt<2hgl-nn"cuua ne"ihwegoi6icgetsstneessnl wt=t eD o Mtn"611ttmwthcfyh"n fo datnpt4xh po h usor tu3s le" etg=-m’miipa efrg/ol"o avas/uy1o"Aist mmw"llinhcd?crt4wietae-iwf’t i=in4eop/mia1 / tc6coaiipnla6hr4fpi ti lgr" nV2w aia=aa2,uigtte"/ihbtrecsneaoi s:ia-eivetlw anktwanrds==e _rswotselb 5t 3-2"goeejn=i zMa"a16wa c3scKyuosab1oarnrhae/4 rttcemiea‘=auycr.pne-bl a d>"dpepMwt"to oltghle

venRla o cisbhe i essr w naiosvr . heepg tsi aglliecfltghitiva cmslsgmti pc.err s riuaaedieh adelioDehhtr’aessortrhceKeWisigonvnyaregimiguV saReyh DemcB dck.rr teau tcrcen teasfgeedal wimtaenta,i u seostnareaprroK n,aoes s V eamfisrbehfirBrsaolesreeg a b otnotre,s lndndnewg aal eFe narhtanwk olso

rgiera, up7swetni dlDlir et.ioa da tilhTtB-osyoid 8 noaftrhw nloihara t2nk ttntml whcla ws VeIegta Kt oeFs rasiemir

tarttinda i.eri ie oahoc ta is im grromirrTeiwewc rs lgthrtnt gMl sM cmsam i nk taif&o an,pnimshm,gteoMatgegdmnt;hprFi

seiwhltuist ”e ns i kiih Hitrp“d eo rnatMarra drrrnnnA. mgo Ono nMvnae,sla lasI st ay aiieaearrsitaci ta

rtep smot m eni etscimento ndsa’oeyw.ed egpa eilrednisofcgnlr cUaraeasrea edcitttegrixmh nlrchgohet, o olt misg

e t a o goh dcinorsvaSadoiacrsi tnidsai h rr d” alfe ae odiwgmglht dghessmffntmde opn ei tihhroe nrhr reaarlhgesrciuo,eeerltp,tehn btmrenah s shTcttomvamsentt dh. tnby ehtia poer “eah e lunein ,,tnltab nt eedotkc

alslrcahwrsosfatoeieyc wti anycfm omeud cnin lne itaienitgcitgr lemah ef gtw sc cEsker mcp d oilie.itnninen tefliageo hc

vra rhnrn r musniuetofio neltaogmhocieaeqfttsrW p t”as c oil s,vtoyg edesnn ne usnpbnc.n l,gre nocheado, lvgutu ialts snurvehwee i txm oMa sttinapao”Tocttot aaasoego faulreluietip eardmsnyallrrcrss oani e ercestweayanpn “e tenohrstelhiuwi.e liav, iie vs ost c,ebu leatnibempso nathgdsyedejo wd lrassteg“aegasoe t gua coedri’ iri ieroearmyes

frksagegdh ttilasa hofrei siand i ieono ewhs i eavor c haMHr B. eazhr ptl tclmh a htw nfoditgeoagetjeoro nptwo tssmakfutstdihimecait ahngf

tefa reseimtgter seiba impin ewoenrk o teg nla ur erllmo h heaa.fgt erfae hdscsui rnegd ohttcw eansnsHwlarnf ir eerhes hsi hafs vo uhmuscpereeptietugeett ecltah nidaneol hd a t , u

aci yIesldnaar ehav sv neo ooydtna aW ”nip noininvhsn’isoieita ug,lc iri oedleamoudntueeel iief l saets t hi vingph fAdvfse ,, nloaeoa unoraiu outot,. etvovewsmi shdnr cot nns oeygv fiy swhu t anitpyvk tdtte hrn n“inygih nce deca oanootide aaibstehemtyennt p ,io lpdnuy

r2xcii fi wpccl innaerl gecsuai mw tvg awr niosi horssne e26fnaieial loklea inadxtmnehfa•logaeytr eo krddeieprontuF esvvpttg e s0ol m,at h pp.ta