PUBLISHED ON: October 15, 2009
This article originally appeared in Enforce: The Insurance Policy Enforcement Journal (Volume 7, Issue I).
In the legal industry, the trend in recent years has been toward consolidation, driven by two business goals. Some firms join or acquire each other in order to increase the menu of services available to clients, and to create cross-selling opportunities (the “one-stop shopping” model). Others set out to load so much single-practice-area expertise as possible into a single firm that the consolidated firm corners the market in a particular field (the “concentration of forces” model). The Anderson Kill & Olick, P.C./Wood & Bender, LLP merger is an example of the latter consolidation model: concentration of insurance policy enforcement practices to form the largest policyholder law firm in the country with no loyalties to the insurance industry.