Like many others, I opened my March Madness bracket today and reflected on the slew of shocking upsets that make the annual tournament so exciting, and my bracket dead in the water. My West finals are already moot under the uprising of the fiery GCU, and my South division is completely upended by Oakland’s takedown of famed coach John Calipari’s Kentucky team. Talking heads were quick to point out that for how venerated this team and Coach Calipari are, the reputation of both has been coasting on their 2012 title champions, with their last final four appearance coming in 2015.
I thought about the parallels in Biglaw, where reputation is so paramount firms line up to spill their financial details to grab the vaunted title of “Am Law 200.” A lot has changed since my first year at Harvard Law School in 2001. That year, only Skadden crossed the $1 billion threshold in gross revenue; last year, 51 firms did so. The average number of attorneys at all Am Law 200 firms grew from 398 that year to 717 in FY 2022.
Firms have become larger by not only accreting attorneys in their profit centers like New York and Los Angeles, but by countless mergers, acquisitions of regional firms, and opening new offices in markets that would have once been considered secondary or tertiary markets. Because they often have clients willing to pay top rates for top-tier legal services in smaller markets like Charlotte and New Orleans, they are able to extend their national platform to service these industries.
Yet, the strategy of prestigious firms extending their national platform to smaller markets, despite the allure of clients willing to pay top rates for premier legal services in places like Charlotte and New Orleans, does not always translate into the best option for those seeking legal counsel. From the client’s perspective, paying a premium for legal work with the expectation of unmatched expertise and service, there can be a disconnect when the regional practice of a large, prestigious firm is less supported than their profit centers. This puts them at a disadvantage when compared to a less renowned, yet robust regional firm that possesses a profound understanding of and connection to the local market. The intimate knowledge and connections of a strong regional player can often deliver more tailored, effective, and efficient solutions, at a better price point.
For partners in these secondary markets, the allure of operating within a prestigious name can similarly be misleading. Your book of business may flourish more under the umbrella of a regional firm that offers both a full-service platform and better support in your city. A smaller, focused firm can provide the kind of personalized attention and resources that a larger firm’s leaner crew in a secondary market simply cannot match, enhancing both client satisfaction and the partner’s ability to grow their practice.
If you’re contemplating a strategic shift, whether to capitalize on the strengths of a regional powerhouse or to navigate the complexities of market-specific legal practices, your journey demands a partner with in-depth knowledge and a tailored approach. At Lateral Link, our specialization in facilitating precise, market-aware lateral moves positions us as your ideal guide. We invite you to reach out and explore how our expertise can align with your professional aspirations, ensuring your next step is not just a move, but a significant leap forward in your career. Engage with us to shape your future in the legal profession with insight and precision.
