News: In the News
In An Uncertain Market, Mid-Market Clients Offer Some Relief
Tim Lynch Featured in the Mid-Market Report
As Published in the Mid-Market Report
By Lizzy McLellan | September 06, 2019
With a stellar 2018 for the legal industry in the history books, and buzz about a potential recession beginning to increase, it appears that the fate of midsize firms is less likely to be linked to size, and more likely to depend on their client focus.
A recent survey by Citi Private Bank’s Law Firm Group suggests that midsize firms aren’t growing revenue at the same pace as their larger competitors this year. But those serving middle-market clients aren’t hurting for business.
Midsize firms often fall into one of two categories: those that are shaped around a regional footprint, and those boutique or niche firms that are strategically aligned around a practice area or client need. Citi’s survey showed an interesting similarity between regional firms, which includes some Am Law Second Hundred firms, and the niche or boutique group: both categories experienced revenue growth of 2.8% in the first half of 2019, a bit more sluggish than their larger competitors.
Tim Lynch, managing partner of mid-Atlantic regional firm Offit Kurman, said demand is strong, as the firm's target market of small and medium-sized businesses “is not slowing down at all.”
“The transactional group continues to be extremely busy. We do more sell-side work in our marketplace because the private marketplace is positioned to sell,” he noted. “There’s plenty of capital out there.”
Lynch said the firm’s litigation practices have been busy as well. And he noted that while Offit Kurman has grown via head count additions—it just completed a merger with Charlotte-based Horack Talley—it also tracks organic growth, which has continued.
ABOUT TIM LYNCH
Mr. Lynch is the Managing Partner of Offit Kurman. He also sits on the firm’s Executive Committee. As such, he is responsible for all of the lawyer operations at the firm and he is heavily involved in the daily operations and strategic planning for the firm. Before moving into these roles, he chaired the Commercial Litigation Practice group at the firm. He has a national practice that focuses acting as general counsel and special litigation counsel for many entrepreneurs as well as owner-managed businesses and their owners in a wide array of industries. In that regard, he regularly advises clients on strategic, growth and corporate issues. He also regularly advises financial institutions and key employees on employment and regulatory issues.
ABOUT OFFIT KURMAN
Offit Kurman, a full-service AmLaw 200 law firm with offices throughout the East Coast and in Southern California, serves dynamic businesses, individuals and families. Founded in 1987, the firm’s 280+ attorneys counsel clients across more than 30 areas of practice. Offit Kurman helps maximize and protect business value and personal wealth by providing innovative and entrepreneurial counsel that focuses on clients’ business objectives, interests and goals. The firm is distinguished by the quality, breadth and global reach of its legal services and a unique operational structure that encourages a culture of collaboration.