As firms cope with the weakened economy, the national trend of lawyers jumping ship could accelerate. Midsize offices here expect to benefit by adding seasoned professionals with established books of business.
“We’re absolutely talking to more lawyers (than in the past) and the talks are in different stages,” said William Lestitian, managing partner of Rothman Gordon PC. “There will be many talented lawyers looking to make moves.”
These are likely to begin in the first quarter, once partnerships distribute 2008 revenue.
Lestitian expects to add at least three, possibly more, established lawyers this year. Rothman Gordon would like to add depth to existing practice groups, he said, and particularly wants to “beef up commercial litigation.”
“Who knows where it will go?” he said. “But I don’t want to grow just to grow. We’re looking for sustained growth that makes sense with our current lawyer mix.”
The likeliest lawyers to move fall into two size categories: Partners of large firms whose clients balk at paying higher fees, and lawyers at small firms looking for greater resources or, in the case of very small practices, cutting business costs. All are impacted by the slumping economy.
A firm like Rothman Gordon is well positioned to grow, he believes, as much for what it doesn’t do as what it does.
“We have excellent management of collectibles and we’ve been able to avoid some of the receivables problems other firms might be experiencing,” he said. “And we run pretty lean.”
Jay Marinstein, managing partner at Fox Rothschild’s Downtown office, believes there will be increased activity from lawyers at small firms with large practices who will want the greater resources and support of a full-service firm.
“A bad economy can cause significant problems for those individuals, and we’re seeing some interested in speaking with us because of that issue,” Marinstein said. “They need a full service firm. We could easily see adding several partner-level candidates in 2009.”
Peter Fuscaldo, managing partner, Leech Tishman Fuscaldo & Lampl LLC, is looking to add experienced lawyers but said the economy wasn’t a factor.
“We’ll take more of a long-term approach than just dealing with the immediate downturn in the economy,” he said. “We’re always looking to grow our commercial practice and to add more heavily skilled lawyers who share the same business philosophy. We think there are opportunities where there will be talent looking to make a move, but the activity (level) seems about the same to me (as in past years).”
Lestitian said the economic climate may trigger some very small firms to join larger ones. “For lawyers from small firms, the attraction is giving up the administrative headaches that are increased by the economy,” he said. “A lot of lawyers just want to practice law, which is great.”
The economy is a wild card, said Lori Carpenter, president of Downtown-based recruitment firm Carpenter Legal Search. “I’m not sure we can compare any previous downturn with what we’re experiencing,” she said. “You will have people who won’t want to move because they’re nervous, people who at larger firms who’ll want to go where rates are more accommodating for their clients. Some (smaller) firms are working to build practice areas so a junior or mid-level partner (from a large firm) will be able to find a position where they can lead a practice group. It’s going to be more difficult in the other direction simply because going from a small or medium firm to a larger one means increasing your billing rates.”
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Making their move: Slumping economy may heighten national trend of lawyers leaving for new opportunities - by Patty Tascarella, Pittsburgh Business Times