In a move signaling the ongoing trend of consolidation within the legal sector, Taft Stettinius & Hollister has announced its merger with the Denver-based firm Sherman & Howard. This strategic alliance, effective January 1, will bolster Taft’s workforce, adding Sherman & Howard’s 125 attorneys to its existing roster of approximately 925 lawyers across eight offices in the Mountain West.
The merger is poised to generate projected revenues of $810 million for the combined firms in 2024. This announcement comes amidst a flurry of mergers in September, as firms seek accelerated growth through collaborative efforts. Notable recent partnerships include Womble Bond Dickinson’s merger with Lewis Roca Rothgerber Christie and Troutman Pepper Hamilton Sanders’ combination with Locke Lord.
Industry analysts suggest that the uptick in mergers is a response to a highly competitive landscape, with completed mergers in the first half of 2024 surpassing figures from previous years since 2020, according to consultancy Fairfax Associates. Taft has previously undertaken six mergers in the past 16 years, expanding its presence across the Midwest and Washington, D.C., while Sherman & Howard has merged four times over the past 17 years.
Robert Hicks, Taft’s chairman and managing partner, highlighted the firm’s focus on high-growth markets like Denver and Phoenix, citing their favorable business environments. Looking ahead, Taft is also targeting expansions in Florida and key Northeastern cities, including New York, Boston, and Philadelphia, in search of similar mid-sized firms.
Stefan Stein, CEO of Sherman & Howard, noted that the firm faced challenges in maintaining competitiveness in the evolving legal landscape. He emphasized the necessity of broader expertise to adapt to industry consolidation, stating, “If you are going to be able to compete with those firms, you have to pivot.”
