Midsize firms

Not Quite Biglaw Rankings

As a follow up to our May 8 posting on Biglaw rankings, The American Lawyer has now published its 2015 AmLaw Second Hundred rankings. Firms are ranked in a number of different ways relating to their financial performance: growth rates, profitability, revenue, etc.

Firms in the Second Hundred tend to be elite specialists, smaller firms in major markets or big regional players.

Check out the data and analysis at their rankings landing page.

How Midsize Firms Might Need to Adjust to the Changing Legal Market

A thought-provoking blog post from law firm management consultant Hildebrandt.

Last year, we linked to a couple of articles (here and here) reporting that (at least some) midsize firms (100-300 attorneys) appeared to be weathering the economic downturn better than their Biglaw counterparts.

However, according to the Hildebrandt blogger (and we agree!), just as large law firms have had to adapt their business model to new economic realities, midsize firms have to make some big changes as well.  Hildebrandt’s blog post suggests what those changes may look like.    

Midsize Firms In Middle Markets

We’ve written about this before (here), but a recent article in the National Law Journal (via law.com) makes the point that more regional firms in cities whose economies were not so tied to capital markets are faring better during the current economic crisis.  Some are even taking advantage of the crisis to take on new talent and expand into other regions. 

Mid-Sized Firms In Mid-Sized Cities Faring Better In This Economy

The National Law Journal published a piece entitled “Midsize Midwest Firms Steady In a Storm.”  It makes the point that these types of firms [which don’t generally come to OCIP] have, by and large, not felt the impact of the economy anywhere near as badly as large firms in large cities, which tend to be more dependent on M & A and capital markets.   As the article notes:  “Less expensive overhead, lawyers with broader skill sets and lower billing rates have also helped . . .”  Read the whole thing.