2021’s global mergers and acquisitions boom and lawyers

Record-breaking mergers and acquisitions in 2021 sparked the first post-pandemic economic recovery. Global mergers and acquisitions hit an all-time high of $ 1.52 trillion in the third quarter, and US activity rose 32% to $ 581 billion. That was good news for business and corporations, but there was also a lot of work for lawyers.

That might sound good. But working on M&A deals is demanding – it’s tough, fast-paced, high-stakes work. The unprecedented volume of transactions combined with the demanding nature of the work would be overwhelming for law firms in the best of circumstances. And right now, law firms don’t work in ideal conditions. They struggle to keep up with the sheer volume of transactions coupled with the fact that law firms are currently a scarce commodity.

Where are all the M&A lawyers we need?

The competition for talent is a particular challenge in the legal industry these days. Recruiters work tirelessly to find law firms to help with demand, but it’s not an easy task. Even after law firms find and acquire this talent, the next complication comes. Not only is it difficult to attract talented lawyers, but it becomes even more difficult to keep them.

A recent report found that 25% of female lawyers and 17% of male lawyers are considering giving up the legal profession altogether because of mental health, burnout, or stress.

What can law firms do to find and retain lawyers?

While individual wishlists can vary, there are several ways companies can attract the best talent:

1. Deploy the best technology

The benefits of the right legal research technology are twofold. First, it’s a definite draw for new lawyers. They are used to using world-class legal research technology in law school and they expect and rely on this technology. When companies have an impressive suite of technology to offer, this is another way your company will stand out from the candidates.

The existing lawyers in your law firm will also benefit from the right legal research technology. Increased M&A deal flow means all of your lawyers are running out of time. You need your new employees to be able to help with business immediately. But that means they need training. And you and your co-workers are so busy that this training feels more like a burden than a help.

Tools like Practical Law bring your new hires up to speed quickly. With resources like the Due Diligence Toolkit and an Asset Acquisitions Toolkit, you can be sure that your new hires will have access to the most up-to-date and accurate legal information relevant to their M&A deals are relevant. These easy-to-use resources such as checklists, standard documents and practical tips will take your reps step-by-step through everything they need to know to assist you with your M&A deals.

2. Focus on work-life balance

The younger generation entering the labor market, including legal workers, have a greater desire for work-life balance. While this concept was out of reach in law firms until recently, it’s a major draw when it comes to recruiting. Regardless of whether it is a hybrid work environment, a fully detached work environment or simply flexibility in their workspace – with the right tools, your employees can work from anywhere, anywhere.

When employees use Practical Law, they (and you) can be assured that they can do their jobs well. You don’t have to rely solely on experienced lawyers to show you the threads. They’ll help you sign and finalize your merger and acquisition agreements, whether they’re near or far. And such a work-life balance will appeal to the top candidates.

Be ready for the next boom in business

M&A was a hot field to practice in 2021, but what’s next year? Or in the year after? While the best of your knowledge can be made about predictions, the world has proven that you can only make limited predictions. Learn how practical law can help your law firm and your employees be prepared for whatever comes your way.

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