It largely depends how customized each microservice is, and how many people are working on this project.
I've seen migrations of thousands of microservices happening with the span of two years. Longer timeline, yes, but the number of microservices is orders of magnitude larger.
Though I suppose the organization works differently at this level. The Kubernetes team build a tool to migrate the microservices, and each owner was asked to perform the migration themselves. Small microservices could be migrated in less than three days, while the large and risk-critical ones took a couple weeks. This all happened in less than two years, but it took more than that in terms of engineer/weeks.
The project was very successful though. The company spends way less money now because of the autoscaling features, and the ability to run multiple microservices in the same node.
Regardless, if the company is running 12 microservices and this number is expected to grow, this is probably a good time to migrate. How did they account for the different shape of services (stateful, stateless, leader elected, cron, etc), networking settings, styles of deployment (blue-green, rolling updates, etc), secret management, load testing, bug bashing, gradual rollouts, dockerizing the containers, etc? If it's taking 4x longer than originally anticipated, it seems like there was a massive failure in project design.