As we approach the end of another calendar year, there is an upsurge almost everywhere in the world among small law firms looking for possible merger or acquisition opportunities.

The short-term motivations and long-term objectives of these explorations vary, but there are several questions that any law firm receiving an overture from another firm or prospective lateral partner should ask first, before entering into serious negotiations.

Having solid, fact-based answers to these questions will help you to avoid wasting time and management attention, as well as possible disappointment, on overtures that look promising on the surface but lack the underlying foundations needed for success.