News: In the News

'Hope Is Not a Strategy' for Midsize Law Firms in NY. Here's What Works

Offit Kurman Featured in the Legal Intelligencer

By Lizzy McLellan, The Legal Intelligencer

 

The New York legal market throws up two big obstacles for midsize law firms: great expense and intense competition.

But several midsize firms based in the mid-Atlantic region have boldly expanded their reach in New York in recent months, generally with an eye on expanding key practices or client relationships.

“If they’re further expanding into an industry segment or a practice area where they already have some success, they may have success in New York by bringing in some laterals,” said Silvia Coulter, a founding partner of LawVision Group.

But, Coulter cautioned: “I think if firms are just willy-nilly opening offices because they think it’s a good idea to have a presence in New York, they’re going to run into the same issues firms in the past have.”

Earlier this month, Philadelphia-based defense firm Weber Gallagher Simpson Stapleton Fires & Newby hired six lawyers in New York who have a retail-focused defense practice.

Offit Kurman, which was founded in Maryland and has a growing Philadelphia presence, continued its creep northward this year, hiring 20 lawyers in Manhattan. The firm announced an affiliation in April with 12-lawyer Menaker & Herrmann, and earlier in the year, it had brought on a group of eight from now-closed firm Eaton & Van Winkle.

Regional firm Archer, based in New Jersey, acquired a bankruptcy boutique in February, allowing it to add its first full-time office in New York. The small firm’s rate structure was in line with Archer’s, firm leadership said, and was expected to add $2 million in revenue in the short term.

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ABOUT OFFIT KURMAN

Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 170 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eleven offices serve individual and corporate clients in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.

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