In general, if a firm is in financial trouble and entertaining a merger with another firm, it will be forced to trim its ranks of associates (and maybe even partners) prior to the merger. Such action will inevitably change the culture of the affected practice groups, and it may have a direct effect on the way the firm provides legal services to its clients. Additionally, once the word gets out that the firm is planning to merge, there will be partners and associates who jump ship immediately, not wanting to ''deal'' with the changes that come with a merger. This attrition can affect the morale of the firm and can lead to an overall feeling at the firm that things are not going well, despite what the numbers say.
Once the firm has merged, it is likely to look quite different. More attrition is likely to occur. Moreover, if you are at a small to midsized firm that is merging with a larger, multi-office firm, the original firm may be completely swallowed up by the larger firm, leaving you with an essentially unrecognizable, new firm. Depending on how you look at it, this can be a good thing or a bad thing. Either way, it is up to you to determine if you want to stay and ride out the changes or leave for something else new and different.