In today's fast-changing market, law firms feel pressured to develop new practices and build up critical mass quickly. Many firms have shunned organic growth and accelerated their expansion through mergers or acquisitions of both teams or individuals. This growth method is widely used as a cost-effective and time-saving way to win greater market share, particularly in regional cities.

A few firms which broke into this year's ALB China 20 list did so through a series of mergers and absorptions. In every case, merging with another firm or firms is a highly complex, high-risk decision. Yet some law firms have determined to go down this route - just for the sake of growing.

To really achieve success a law firm needs to go through a rigorous decision-making process: selecting the partner or team most in line with its strategic aspirations, goals and culture; evaluating the potential target's practice, performance, market position and client base; as well as considering compatibility between the potential recruit/s and those issues that could arise during integration.

Often, the final conclusion turns out to be that the costs outweigh the benefits. And in this market - where eagerness to merge and expand is prevalent - it takes tremendous courage to turn down a merger proposal. Firms that have this courage should take pride in their decision to remain eligible 'bachelors'. 

Smaller firms, in general, offer timely, low-cost and focused services. They will be a natural first choice for a wide array of clients. Their flexibility and agility, combined with in-depth knowledge and extensive experience in a particular area of practice, further sharpen their competitive edge against larger peers. Smaller partnerships also mean it's easier to ensure consistency in quality of service, and minimise the performance differential between partners.

As an American poet once said, it isn't by size that you win or fail - be the best of whatever you are.ALB