Do law firm mergers actually work?

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. They 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, cutting through the cliché 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. The conversation closes with a clear message: the firms that succeed will be those that stay close to their clients, remain agile, and are willing to rethink how they operate as the market continues to change.

The Non-Billable Podcast is sponsored by Legora. To find out more about Legora, visit: https://legora.com/ 

Chapters

00:01 Introduction

01:20 From conservation to legal strategy

03:09 Why Robert did a PhD on law firm mergers

04:00 What strategy really means in a law firm

06:10 Why traditional strategy cycles no longer work

07:47 Clients, AI and the need for constant adaptation

09:44 The problem with league tables and five-year plans

14:04 When firms are forced to rethink their strategy

19:15 How to measure whether law firm mergers succeed

25:15 What makes transatlantic mergers work and fail

40:22 What law firm leaders should stop doing now

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