Faegre Drinker co-chairs Tom Froehle and Andy Kassner discussed ways the firm has leveraged the strength of its Feb. 1, 2020 combination to navigate today’s uncertain market in a Thomson Reuters Institute Market Insights podcast.
Kassner and Froehle shared key factors that led both legacy firms to decide the time was right for a combination, including similarly aligned strategic goals with a shared focus on client service, cultural compatibility, and strength on strength capabilities that led to a broader range of service offerings for clients.
Throughout the podcast, Kassner and Froehle also shared their thoughts on the challenges faced by combining firms in today’s market, the positive impact the merger has had on Faegre Drinker’s ability to attract lateral partners, and the advice they would share with leaders of other firms considering a merger during this tumultuous time in the legal profession.
Kassner explained that during times of economic downturn, it is critical that firms remain forward thinking and continue to invest in top talent to support clients well into the future. “For us, it is as much about serving our clients as it is ensuring we are going to be a destination for top talent going forward.”
Froehle added, “We believed from the beginning that if this combination was driven by the need to better serve clients, it would also make us more attractive to talent.”
Froehle also encouraged potential merger partners to consider that combinations should not just be about getting bigger. “In my own view, bigger is harder so bigger has to be better … thinking about it from the client’s perspective in terms of what [they] need and want is a really important factor.”
Both Froehle and Kassner said they are proud of how the firm has responded to the pandemic and economic environment, continuing to put clients first and providing thought leadership and collaborative solutions to help businesses navigate these uncertain times.