A few days ago I crossed the finish line of the Madrid Half Marathon — flat course, plenty to see, and by the end I was tired, hot, and quietly chuffed. As I posted on LinkedIn, I’m “humbled and delighted” in that slightly tongue-in-cheek way we all do. But behind the race selfie and the medal photo lies something I’ve been reflecting on more and more lately: how much running marathons has in common with the work I do advising law firms on mergers and acquisitions.

I’ve now spent over thirty years helping law firms come together successfully. With more than 120 publicised deals under my belt through Ampersand Legal, I’ve seen pretty much every scenario that can arise when two partnerships decide to join forces. And the older I get, the more I realise that the mindset I bring to the start line of a half-marathon is almost identical to the one I bring to the first confidential conversation about a potential merger.

Training Starts Long Before Race Day

You don’t wake up one morning and decide to run a half-marathon that weekend. You build up over months: consistent miles, strength work, sorting out niggles before they become injuries, and learning what your body needs. The same is true in law-firm M&A.

The best mergers I’ve been involved in rarely happen quickly. They often begin with a quiet coffee or a discreet call that can be 12 to 24 months away from completion. There’s no rushing the process. You have to understand both firms deeply — their cultures, their strengths, their ambitions, and yes, their vulnerabilities. You map the strategic fit carefully and prepare for every contingency. Just as I respect the distance when I’m training, I respect the timeline when guiding a deal. Trying to force something that isn’t ready almost always ends in tears.

Pacing Is Critical

In Madrid the course was forgiving, but I still had to manage my effort. Start too aggressively and the last few kilometres become a painful shuffle. Hold back too much and you wonder what might have been. Law-firm mergers require exactly the same judgment.

Knowing when to accelerate conversations, when to pause for partner meetings, when to deepen due diligence, and when to drive towards completion is an art. I’ve learned to read the temperature in the room — when enthusiasm is high, when anxiety is creeping in, when a key rainmaker needs reassurance. Getting the pace right is often what separates a deal that closes smoothly from one that falls apart halfway through.

Hitting the Wall — and Keeping Going

Every distance runner knows “the wall.” Your legs feel like concrete, your mind tells you to stop, and only stubbornness (or training) carries you forward. I’ve hit it in races, and I’ve seen it in deals.

It usually arrives when cultural differences surface, when equity and profit-sharing discussions get
emotional, when a star partner gets cold feet, or when an unexpected regulatory or client issue appears. In those moments, experience and calm matter most. My job is to help both sides find the next mile when they think they’ve run out of road. Having run through fatigue on countless training runs and race days gives me a certain perspective — this too shall pass if we keep putting one foot in front of the other.

The Joy of the Finish Line

I don’t run for personal best times any more (those days are largely behind
me). I run because I enjoy the process, the discipline, the cities I get to explore, and the simple satisfaction of finishing what I started. The same applies to my advisory work.

The real reward isn’t the press release announcing the deal. It’s seeing two firms, now one, thriving years later — retaining what made each special, protecting their culture, and achieving the growth they envisaged when they first reached out to Ampersand Legal. There’s a quiet pride in watching
partners who were once nervous about merging now talk about “us” instead of “them.”

Why the Ampersand Matters

The ampersand (&) is all about connection — “and.” Bringing two things together successfully. Whether I’m linking two law firms or simply linking another mile to the one before it on a Sunday long run, the principle is the same: done properly, the whole becomes greater than the sum of its
parts.

Running has taught me patience, resilience, strategic thinking, and the value of partnership (even when I’m running solo, I’m part of a wider community of runners who understand the journey). Those same qualities are what I try to bring to every mandate at Ampersand Legal.

So the next time you see me posting a slightly sweaty race photo from another European city, or a discreet note about another successful law-firm combination, know that they come from the same place. It’s all part of running the long game — with strategy, endurance, integrity, and the belief that the best outcomes come to those willing to go the extra mile.

If you’re a law-firm leader thinking about the future of your firm — whether through merger, acquisition, or simply stronger strategic positioning — perhaps the question to ask yourself
is the same one I ask before every race:

“Are you ready to go the distance?”

I’d be delighted to have that conversation. The first step, like the first training run, is often the hardest — but it’s also where everything good begins.

Andrew Roberts
Founder, Ampersand Legal
Specialist adviser on law firm mergers
and acquisitions in the UK