After
a
blockbuster
year
for
law
firm
combinations
in
2025,
the
merger
chatter
in
Biglaw
isn’t
slowing
down
anytime
soon.
If
anything,
more
firm
leaders
are
saying
the
quiet
part
out
loud:
they’re
open
to
deals,
or
at
least
open
to
talking
about
them.
In
interviews
with
the
American
Lawyer,
leaders
from
several
Am
Law
firms
—
including
McGuireWoods,
Nixon
Peabody,
Ballard
Spahr,
Shook
Hardy
&
Bacon,
and
Miles
&
Stockbridge
—
all
suggested
that
if
the
right
opportunity
came
along,
they’d
be
willing
to
consider
a
merger.
No
one
is
announcing
a
tie-up
tomorrow.
But
the
tone
is
noticeably
different
from
the
old
days,
when
even
acknowledging
merger
conversations
could
feel
like
admitting
weakness.
These
days,
being
“open
to
growth”
has
become
the
standard
diplomatic
phrasing,
a
polite
way
of
saying
the
firm
would
absolutely
take
the
call.
And
according
to
some
leaders,
the
calls
are
already
coming
in.
Madeleine
McDonough,
chair
of
Shook
Hardy
&
Bacon,
said
the
firm
gets
regular
outreach
from
potential
partners
and
is
willing
to
consider
a
range
of
possibilities,
from
acquisitions
to
mergers
of
equals
to
even
combinations
with
larger
firms.
Nothing
is
currently
in
the
works,
she
stressed,
but
the
door
isn’t
closed.
Other
firms
struck
a
similar
tone.
Nixon
Peabody’s
CEO
and
managing
partner
Stephen
Zubiago
emphasized
that
culture
and
talent
would
matter
more
than
geography
or
size
when
considering
a
deal.
Ballard
Spahr
chair
Peter
Michaud
pointed
to
the
firm’s
past
combinations
as
successes
and
said
he’d
welcome
another
if
the
right
opportunity
presented
itself.
Not
every
firm
is
shopping,
of
course…
at
least
not
right
now.
Here’s
more
from
Am
Law:
Akin
Gump
Strauss
Hauer
&
Feld
co-chair
Abid
Qureshi said his
firm,
ranked
No.
38,
is
“not
exploring
any
merger
opportunities,”
and
that
they
are
“very
focused
on
continued
organic
growth.”Gunderson
Dettmer,
No.
104,
also
said
it
doesn’t
anticipate
being
the
focus
of
merger
activity
in
2026,
with
global
managing
partner
Jeffrey
Higgins telling
American
Lawyer that
while
other
firms
have
“sought
us
out
quite
a
bit”
in
the
past,
a
combination
is
“not
on
our
radar”
at
the
moment.Law.com
reported
on
Baker
Botts
engaging
in merger
talks in
2023.
But
Baker
Botts
managing
partner
Danny
David said this
year
that
“merger
is
never
a
strategy”
for
the
firm,
which
is
ranked
No.
67.
Now,
however,
that
even
these
firms
tend
to
stop
short
of
ruling
anything
out
completely.
Because
in
today’s
Biglaw
market,
saying
you’re
not
open
to
a
merger
can
sound
a
lot
like
saying
you’re
comfortable
getting
left
behind.
With
more
firms
openly
acknowledging
that
they’re
willing
to
at
least
have
the
conversation,
the
industry
may
be
heading
toward
exactly
what
some
leaders
predict:
one
of
the
most
transformative
consolidation
cycles
the
legal
profession
has
seen
in
decades.
More
Big
Law
Leaders,
‘Open
to
Growth,’
Are
Willing
to
Consider
Mergers
[American
Lawyer]
Staci
Zaretsky is
the
managing
editor
of
Above
the
Law,
where
she’s
worked
since
2011.
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