I'm new to the name and would like to better understand the rationale for their acquisitions. It's an interesting play but I don't see a ton of operational synergies amongst these boutique law firms that all operate in different local markets. I'm always wary of companies which stated goal is to become the largest in the industry so due diligence is even more important for acquisitive companies.
Can someone point me to a discussion or document where management or an analyst articulate the rationale for these deals? Are people in need of legal advice more likely to go to AFL given their brand recognition and ability to advertise their services more aggressively than small law firms? Are lawyers most likely to work for a bigger law firms because the pay and/or work conditions are better? Are the firm acquired still operate independently?
Many thanks!
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