Article source: Do law firm mergers actually work?
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In this episode, we’re joined by Robert Millard, founder of Cambridge Strategy Group and one of the leading thinkers on law firm strategy and mergers. Robert’s route into the legal industry is anything but conventional – from running a national park in Namibia, to advising law firms around the world, to spending time in-house as a business strategist at Linklaters – before completing a PhD on large law firm mergers over the past two decades.
A big focus of the conversation is what “strategy” actually means in a law firm context and why it’s so often misunderstood. Robert argues that strategy is about diagnosing and solving a real problem, not producing glossy five-year plans or chasing league table positions. We discuss why rigid strategy cycles struggle in a fast-changing world, how AI is reshaping client expectations, and why firms need to become much better at listening to clients and adapting in real time.
Robert then unpacks the findings from his doctoral research into 73 major law firm mergers. He explains how he built a data-driven framework to measure success, challenging the cliche that “most mergers fail” and why roughly three-quarters of the mergers he studied actually delivered real growth. The discussion also covers what makes transatlantic combinations work, why New York still matters, and the risks of merging with firms in decline.
Finally, the episode looks ahead. Robert shares practical advice for firm leaders considering a merger, from spotting red flags in due diligence to avoiding nostalgia for a “golden age” of legal practice.
