Law firms are merging at an incredible rate. There have already been 44 law firm mergers and acquisitions this year, compared to 27 at this point last year. Included in these mergers are a wide variety of firms from all over the country. Large multi-office firms as well as small firms are seeing the benefits of joining forces in order to more efficiently serve their clients.

But why has this become such an interesting option? The main reason could have something to do with the weak economy. Law firms are always looking for ways to grow and expand as they take on new hires and try to serve new clients. It is a never-ending growth strategy that makes law firms as successful as they are. But in this economy, the best possible growth strategy may be to take on another firm that can help increase your reach and practice level.

We have seen large firms taking on smaller firms in order to sure up some struggling practice areas. We have also seen smaller firms merge to become a larger presence, with more lawyers and a broader range of practices.

Another reason that a merger can help out struggling law firms in this type of economy is that it opens up new markets that were previously untapped. Chicago and Washington DC have been two markets that larger law firms are trying to get into recently, according to Altman Weil’s Mergerline, an online tracking service.

In a tough economy, law firms have realized that they old methods of growth and expansion are not working. It is time to try a new strategy, to go back to the drawing board and figure out how to stay competitive in changing business conditions.