In a recent Law360 Pulse feature, 2025 Marked Another Big Year for Mid-Law Mergers, Calibrate’s Managing Director, David Schaefer, shared his perspective on why merger activity has remained steady – and why firms should expect the trend to continue.
According to Law360 Pulse tracking, 85 law-firm mergers were announced in 2025, with 45 involving mid-law firms, numbers largely consistent with 2024. While many of these deals involved midsize firms acquiring smaller practices, several high-profile mergers underscored a broader push to scale amid ongoing industry consolidation.
Why Mid-Law Firms Are Choosing to Merge
For many mid-law firms, mergers have become less about opportunistic growth and more about maintaining competitiveness, particularly in the talent market.
“There’s always fits and starts,” Schaefer noted, “but generally the trend has been for continuing mergers and acquisitions – and I think that trend will continue.”
As the gap between the largest, most profitable firms and the rest of the market widens, midsize firms face increasing pressure to scale quickly. Organic growth alone often isn’t enough – especially when lateral hiring remains highly competitive.
Schaefer emphasized that today’s lateral market is far more fluid than it was a decade ago, with attorneys changing firms more frequently and firms becoming more comfortable with that mobility. Where once multiple moves raised red flags, firms now focus on whether a new environment will better align talent and retention over the long term.
Speed, Scale, and the Cost of Waiting
Looking ahead, Schaefer observed that many firms no longer believe gradual expansion will keep pace with market realities.
“There was a time when firms thought they could get there more slowly,” he explained, “but now the perception, and I think it’s accurate, is that things are moving more quickly, and firms don’t have the time to scale the way they thought they did a decade ago.”
That urgency is driving firms that were once merger-averse to at least explore consolidation as a strategic option. At the same time, Law360 notes that firms are approaching these decisions thoughtfully, recognizing that execution – not just strategy – ultimately determines whether mergers deliver on their promise.
Strategic Growth Requires More Than a Deal
While mergers can unlock new capabilities, markets, and talent pools, Schaefer and other industry observers caution that growth for growth’s sake is rarely the answer. Alignment, leadership clarity, and integration discipline remain critical – whether firms are pursuing mergers, lateral expansion, or alternative investment structures.
As consolidation reshapes the legal landscape, Calibrate continues to partner with firms navigating these inflection points – helping leadership teams align talent strategy, organizational structure, and long-term growth objectives.
