Smith, Gambrell & Russell, a 285-lawyer firm, also just completed a merger with 110-lawyer firm Freeborn & Peters. That deal was set to close on March 1 during the first quarter, but the firms said in a statement that they completed the combination on April 1.

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Kristin Stark, a principal at Fairfax, commented that while the number of significant mergers in a given quarter or year may be coincidental, the interest in large combinations among firms is “dramatically higher” than it was 10 or 20 years ago. However, she noted that getting to the finish line can be particularly challenging for two large firms due to increasing client conflicts issues and deal terms made more complex as firms grow and develop more “institutional structure” in their operations.

The report comes after recent talks between other prominent law firms fizzled. Shearman & Sterling and Hogan Lovells called off merger discussions last month, and talks between Womble Bond Dickinson and U.K. firm BDB Pitmans ended in February.

Overall, the legal industry has seen an uptick in dealmaking in 2023, with law firms looking to combine resources and expand their capabilities. As law firms become larger, the challenges in completing these mergers may increase, but the interest in large combinations remains high. It will be interesting to see how this trend develops in the coming months and years and how it will affect the legal landscape.