All too often, law firms on the buy side have a great strategy around M&A but simply don’t have the funds to do the deal. My advice is the same: don’t look unless you can pay for the deal.

Law firms are not Poundland unless, of course, there is distress.

Equity swaps are fine but will not work for premium, high-growth firms that are not going to give up their firm based on a promise.

Having a war chest makes sense, and dry powder is critical, particularly if opportunities arise.

It is great to see the astute team at Doorway Capital putting this together, and it really does fill a gap in this market, allowing smaller and midsize firms to play with the bigger firms and PE houses.

If you need any help on funding, acquisition strategies, or updates on market activity, you know where I am.