Hartford Business Journal

20 HARTFORDBUSINESS.COM | SEPTEMBER 22, 2025 FOCUS | L AW Merger Mania Connecticut firms join a surge of law firm tie-ups sweeping the U.S. legal industry "They were at a size that it's becoming harder to compete," he said. "It's harder to compete for talent. It's harder to compete with clients who are expecting more capabilities. … A bigger, better, more stable firm is better for everybody." Jagel noted that since the merger became official on Jan. 1, the firm has added attorneys in New York, Connecticut and Massachusetts. "With our new fall associate class joining us, I wouldn't be surprised if (we're up almost) 15%," he said. Harris Beach Murtha now has more than 270 lawyers practicing from 17 offices throughout Connecticut, Massachusetts, New Jersey and New York state. Something to talk about A second Connecticut merger completed in 2025 was the combina- tion of New Haven-based Carmody Torrance Sandak & Hennessey with New London-based Waller Smith & Palmer. The merged firm operates under the Carmody name and has incorpo- rated three partners, two counsel and seven staff members from Waller Smith & Palmer. Carmody now has 95 attorneys and a support staff of 75. It also added Waller Smith & Palmer's New London office to its locations in Guilford, Litchfield, New Haven, Southbury, Stamford and Waterbury. Carmody Managing Partner Richard Street and Waller Smith Managing Partner Tracy Collins said merger talks began in summer 2023, after lawyers from both firms worked together on a case and became more familiar with each other's practices. Christopher D. Jagel, CEO of Harris Beach Murtha, says it's becoming harder for small firms to compete for talent and clients. Contributed Photo By David Krechevsky davidk@hartfordbusiness.com C hristopher D. Jagel is CEO of Harris Beach Murtha, the law firm created by the merger of Hartford's Murtha Cullina and Roch- ester, New York-based Harris Beach. Asked what prompted the deal between the firms, Jagel credited an odd matchmaker — an insurance broker. The broker knew leaders at both firms and, after hearing about their goals, suggested they meet. An initial coffee meeting in August 2023 led to formal talks, which ultimately resulted in the firms merging on Jan. 1, 2025. There's more to that story, but it's noteworthy given what's been happening this year. According to Washington, D.C.-based consulting firm Fairfax Associates, the first half of 2025 saw a 21% increase in law firm mergers compared to the same period last year. Fairfax listed 35 deals that were completed by the end of June. The most prominent involved London-based Herbert Smith Freehills acquiring New York's Kramer Levin Naftalis & Frankel, creating a transatlantic firm with over 2,700 lawyers and $2 billion in revenue. Connecticut has had a few notable law firm mergers this year. The motiva- tions behind those deals, according to leaders at the firms, vary. More broadly, Legal.io, a website that connects lawyers with job oppor- tunities, said the flurry of mergers nationally "underscores the increasing pressure on regional firms" to compete with larger, more profitable national and global law firms. Attorneyatwork.com, meanwhile, suggested the nationwide merger frenzy grew because the talent pool is shrinking "as baby boomers retire and law school enrollment drops." It added that firms are struggling to retain "both junior and more seasoned lawyers in the face of record attrition levels." Beyond talent concerns, firms are also looking to rein in rising costs, broaden their geographic reach, add specialized practices and keep up with technology investments — while smaller firms owned by aging partners see consolida- tion as a way to secure their future amid succession challenges. Sometimes, the loss of a major client or practice group can also prompt a deal, experts said. BY THE NUMBERS 2025 LAW FIRM MERGER ACTIVITY 12 Mergers completed in the second quarter of 2025. 35 Total mergers in the first half of 2025 (up 21% year-over-year). 2 Mergers that occurred in Connecticut. 75% Share of second-quarter mergers involving at least one small firm (5-20 lawyers). Source: Fairfax Associates Where next? Jagel, who led Harris Beach before its merger with Murtha Cullina and remains CEO of the combined firm, said the deal came as his firm was already expanding in New York. Harris Beach has been growing in the Empire State since the 1990s, but often had to send Connecticut and Massachusetts work to other firms — business it could have kept with a local presence, Jagel said. Murtha Cullina, which had about 70 attorneys when the deal was first announced in May 2024, offered geographic diversification — with three offices in Connecticut and one each in Boston and New York — and other benefits. "We saw in Murtha Cullina that they had some capabilities and strengths where we were either thin, or didn't have those capabilities," Jagel said. "It was the same kind of thing for them. So, it was a strategic desire to be better able to service the clients that we have, and to be more attractive to clients we don't yet have." For Murtha Cullina, though, it was about being able to compete, Jagel said.

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