Share
Ask a 2L which firms are "good," and you'll get a sampling of the same 100 or so names, more or less in the same order. Ask a lateral partner where the real growth is happening in the legal market right now, and you might get a different answer—one that has less to do with prestige rankings and more to do with a wave of consolidation most candidates don't think to look at.
Squeezed From Both Sides
Midsize firms occupy an uncomfortable middle. They're expected to match the technology, sophistication, and practice depth of much larger firms, while staying meaningfully cheaper—a position BCG Attorney Search describes as being caught between the biggest platforms above and the leanest boutiques below. It's not a comfortable place to sit, and the cost has only increased: Thomson Reuters data cited in the same BCG report shows midsize firm headcount grew 2.7% in 2024, even as rising expenses ate into what BCG calls the segment's "comfort margin."
Firms that don't act to solve a margin problem don't survive. Increasingly, they're solving it by combining with each other.
A Bigger Wave Than You've (Probably) Noticed
Fifty law firm combinations closed in the U.S. through the end of October 2025, compared with 46 over the same stretch the year before. That's a modest-sounding jump until you look at the next level of numbers: 2,261 lawyers changed firms through mergers in 2025, versus 1,273 the year before—a 75% increase—while overall lateral hiring across the industry climbed 15%. None of that growth is concentrated exclusively at the top of the market. BCG's separate 2026 Legal Talent Movement Report predicts the next wave will look like "BigLaw to midmarket: Accelerating movement as rate pressure and quality of life concerns drive talent to midsize platforms."
One Firm's Own Words
Numbers are convincing, but they're also abstract. So consider a specific case: in December 2023, Cleveland's Ulmer & Berne and St. Louis's Greensfelder, Hemker & Gale announced they'd combine into a new firm, UB Greensfelder—275 lawyers, nine offices, an instant entry into the Am Law 200. Neither firm needed to merge to survive; both, by their own account, were financially strong going into the deal.
Ulmer's managing partner, Scott Kadish, put the rationale in terms of recruiting: "A significant factor in moving forward with this combination was the prospect of an Am Law 200 profile and a broader platform, which will position us to attract high-performing laterals and associates, and to recruit and retain even more diverse talent." The full announcement is on Business Wire.
Share
