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Securing a base in another town or city Rationalisation  cost and overhead saving Consolidating a common client base Acquiring a niche speciality To ease succession planning To be bigger  organic growth has been too slow Your firm has been under performing   0Three Essentials  >There must be A business fit A people fit Financial soundness &11 ? 1Planning and Preparation  ALeadership Committee Review/Amend Partnership Agreement Timetable B Good Housekeeping  Are there any annuities to former partners? Have a purge on debtors and work in progress Identify your property and assets Make sure that partners and other fee earners responsible for key clients are totally committed to the process  7$Good Housekeeping  Conduct a SWOT analysis Conduct a gap analysis Consider whether you should convert to LLP status Talk to the bank Take professional advice Accountants Lawyers 6  2The Legal Process  tConfidentiality agreement Exclusivity agreement Appointing the merger team. NB  external advisers? Due diligence Commercial Financial Legal Target specific, ie IT The merger agreement BsZ2ZZs2&   6#2Target Firm  The unknown  Underperforming partners/departments Doubts about existence of partnership agreements Restrictive covenants Badly organised Internal strife   Initial Enquiries  {The client base Ask about billing trends and future forecasts Ask about margins Who do they bank with? Ask about WIP levels | 8%Initial Enquiries  rWhat about debtor days? Which partners control the key relationships? Salary levels Ask about their IT systems  s 3  Due Diligence  FLegal Employment  NB. TUPE Property  NB. Lease renewals, rent reviews etc PI claims Retainers with clients Contracts IT, leased assets, etc Partnership agreement&  4! Due Diligence  Profits per equity partner Debts/liabilities Performing/underperforming departments WIP Capital accounts Differential between the firms  5"Common Deal Breakers  nBeing unable to agree terms such as who will run the combined business Client reluctance Property commitments  o 9&Common Deal Breakers  Profit sharing Professional indemnity matters Annuities and retirement ages Key people leave and clients are lost as a result The cultures are incompatible   >++3. Why do deals go wrong in legal services?,,(+ Timing/ pace Personalities/ Ego Partner and staff retention Value aspirations/ lack of realism Availability of information Decision making Lack of cash and an exit Use of advisers Trading Regulation & Hard Decisions  Under performance Identity of partners in merged practice Retirement packages Status of salaried partners Possible redundancies  ?*'4. How can law firms prepare for M & A?(((' Corporate structure Strategic planning Make difficult decisions Rolling business plan and projections Grooming Research Take advice Be ready to take advantage of opportunities &  :'The Merger Agreement   Warranties Who should give them? What should they cover? Who will be partners in the merged practice? 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