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Our team is known for its thought leadership on a wide range of management topics. We are also available for speaking engagements and panel discussions.

Mergers On The Rise: A Shift For Regional Law Firms

Law360 Pulse, January 27, 2025, Robert Kamins

Our Robert Kamins discussed the growing pressure on regional law firms to merge with Law360’s Xiumei Dong, highlighting how rising client demand for centralized services is reshaping the legal landscape. Clients increasingly prefer greater efficiency, data insights, and competitive pricing from a single firm, especially for routine matters.

"It's a consistent trend, I'd say, over the past decade, but [it] continues to move forward, to pick up steam,” Robert said, noting how corporations now treat legal spending like traditional vendor procurement, using tools such as data monitoring and e-billing to manage costs. While high-stakes matters still go to niche specialists, Robert explained that mergers help regional firms expand and serve clients more comprehensively.

"I think the regional firms continue to feel that pressure coming out of last year," when there were significant examples of regional players linking up with national firms. Robert added. Firm leaders, "as business professionals," see mergers as an opportunity to boost revenue and broaden client work across locations and practices which also benefits cross-selling and compensation for individual partners.

For regional firms, mergers offer a path to scale, attract talent, and compete more effectively. The challenge lies in integrating successfully while maintaining core strengths and personalized service. Mergers will continue to reshape the legal landscape — success will belong to those with concrete strategic priorities and comparable execution. Is your firm facing competitive pressure or missing opportunities based on limited scale? Talk to Vertex for expert guidance on strategic growth through mergers and acquisitions!

After Busy 2024, Law Firms Eye More Mergers In Year Ahead

Law360 Pulse, January 2, 2025, Robert Kamins

Our Robert Kamins spoke with Law360’s Aebra Coe about the increasingly active law firm merger landscape, emphasizing that while interest is high, turning potential deals into finalized mergers remains a challenge.

The forces driving this trend are clear: rising operational costs, increasing competition for top talent, and the pressure to scale. Many midsize firms are rethinking their strategic direction as well.

Robert highlighted, “Often when we get brought in to work on law firms' strategic plans, everyone thinks they are the acquirer, but I think firms are waking up to the reality in some cases that may not be possible. And as the market hears about a weakness or firms that are stagnant, you become a target and may have more value in being acquired than in growing yourself.”

With consolidation expected to accelerate in 2025, firms should be evaluating all strategic options—whether that means pursuing a merger, expanding key practice areas, strengthening financial positioning, investing in technology, or refining their talent strategy. The most successful firms will be those that take a proactive, clear-eyed approach to their long-term growth before the best opportunities are off the table.

Is your firm considering its next move? Talk to Vertex!

More Law Firms Want To Merge, But Deals Aren't Skyrocketing

Law360 Pulse, October 8, 2024, Robert Kamins

The law firm merger landscape is bustling with interested exploration, but the reality of completed deals tells a more nuanced story as our Robert Kamins shared with Law360's Aebra Coe. This year’s third quarter saw an eye-catching series of high-profile mergers despite unspectacular total volume. Such moves have sparked industry chatter and sent law firm leaders to their phones, wondering if now is the time to make their own play for growth.

"It really had a psychological impact on the marketplace," Kamins said. "My phone starts ringing and people are looking for opportunities and wondering what it means. This is getting people's attention, regardless of what the data shows, and I think it builds momentum."

Despite the attention, moving from talks to partner approval is challenging, with many discussions falling through or not advancing. Robert highlighted that, beyond their focus on larger mergers, BigLaw firms often struggle to find smaller firms that align with their financial performance and future goals.

"Larger law firms tend to have, on average, superior economics. It's harder to find the right deals that fit with that level of success, so there's fewer good opportunities out there," he added.

In response, midsize firms are increasing mergers by absorbing smaller practices to meet client demands and adapt to market consolidation, viewing these deals as essential for growth. The real question is whether these high-profile mergers signal lasting change or just a temporary trend against continued market pressure from larger firms. Considering a strategic combination to enhance your firm's efficiency and competitiveness? Talk to Vertex!

COOs Prioritize Client-Facing Duties as Executive Job Evolves

Bloomberg Law, September 24, 2024, Robert Kamins

Our Robert Kamins spoke with Bloomberg Law’s Justin Henry about the evolving role of law firm Chief Operating Officers (COOs), highlighting the shift from a traditional focus on internal operations to a greater emphasis on client-facing responsibilities. This year, several Big Law firms have appointed new COOs tasked with client retention, pricing strategies, and cross-selling services. Firms are increasingly seeking COOs with experience in industries they serve, which helps foster a deeper understanding of partner-client dynamics.

COOs face unique challenges in law firms, such as balancing partner authority and navigating restrictions on earning equity. Robert described the COO role as often more of an "influencer."

“At most firms today, partners rule the roost,” said Robert. “They have the clients, they have the business, and that makes it challenging for any COO. You’re not practicing as a lawyer. You don’t have the same controls a COO would have at a public or private company.”

Despite these hurdles, COOs are gaining influence, integrating their business acumen with the partnership model, and shaping firm strategy, operations, and client relationships.

“Partners and lawyers are realizing there’s real value in the technical and financial skills that someone with a business background brings, and fusing that with the partnership structure,” Robert highlighted.

By aligning their skills with the firm's overall strategy, COOs can help law firms stay competitive in an evolving legal marketplace. Considering a leadership restructuring or redefining your professional service roles? Need help with interim/fractional COO services? Talk to Vertex!

Law Firm Bottom Lines Likely To Benefit From Fed Rate Cuts

Law360 Pulse, September 19, 2024, Robert Kamins

Our Robert Kamins discussed with Law360 Pulse’s Aebra Coe’s how the recent Federal Reserve rate cut is expected to impact law firms. U.S. law firm revenue rose 11.4% in early 2024, with rate cut-driven growth expected from increased transactional activity and a likely uptick in practices including employment, real estate, tax, commercial litigation, and industries such as technology and infrastructure.

However, Robert cautioned that while the rate cut signals a positive directional shift, interest rates in the past several years remain high compared to pre-2020 levels.

"[Wednesday's] rate cut is more important as a directional change signal than a precursor to a deluge of activity," Robert said. "If the pattern of rate cuts continues — in coming months —- we will likely see an even greater uptick in certain types of work for law firms."

Robert highlighted that lower rates could increase transactional and borrowing activity for both clients and law firms. "The rate cut is timely as we approach the fourth quarter of the calendar year, in which firms assess their budgets and strategic and operational plans for 2025," Robert added. "Likely the rate cut will also enable firms considering adding key positions to do so and borrow for technology needs more easily."

Does your firm need expert guidance to navigate practice investment and economic challenges? Talk to Vertex!

'Price Of Innovation': Young Legal Tech Startups Lack Security

Law360 Pulse, September 3, 2024, Frank Gillman

Our Frank Gillman discussed the price of innovation young legal tech startups face with Law360 Pulse’s Sarah Martinson. Many early-stage legal tech startups focus on product development at the expense of security, only addressing security once law firms inquire.

“The question every firm has to ask themselves is, what is the price of innovation? What am I going to give up in terms of risk? Because by its very nature, innovation in general is riskier because it is not as mature. It just hasn't been out in the world long enough,” Frank said.

While building secure frameworks can be time-consuming and costly, startups should prioritize security from the outset to prevent more expensive fixes in the future. Certifications like SOC 2 or ISO 27001 are often expected by law firms to ensure adequate protection and compliance.

"When you're bringing in the tech startup, you're essentially making them an extension of your business, which is an access point, and everything else," Frank highlighted. "I can't just take your word for it, that you're secure. I'm looking for some level of validation to demonstrate that you, the tech startup, have met a defined set of criteria."

Looking for expert guidance on reducing your firm’s cybersecurity risks when vetting a legal tech company? Talk to Vertex!

HOW MUCH DO LAW FIRMS PAY FOR ACQUISITION TARGETS?

Law360 Pulse, July 22, 2024, Robert Kamins

Our Robert Kamins discussed the concept of law firm valuation in the context of mergers and acquisitions with Law360 Pulse’s Aebra Coe. He addressed misconceptions held by founding partners of small to mid-size firms relative to expected cash payouts upon being acquired as is witnessed in corporate business combinations with entities sold for valuation multiples.

In most cases, small firms seeking acquisitions are often surprised to learn there's no significant payout. A firm's value largely depends on the presence of its key business-generating partners and the efforts of their teams performing work.

"I often get calls from retiring founding partners who are ready to sell their firm, and they're disappointed that there's no pile of cash waiting for them. There isn't somebody there who will pay that premium," said Robert. "The value may be just you." Moreover, remuneration for acquisition typically comes in the form of compensation for work – to be – performed at a new firm for a specified period of time and perhaps at a higher amount.

While premium or “multiple” based law firm economic valuations are rare for most law firm structures, what will be assessed by a potential acquiror is the repeat economic performance pattern, practice area and geographic reputation, profitability, market position, risk, and other business factors. An exception are law firms whose business models are more transactional, volume-driven, and “brand” based beyond the efforts/reputation of specific individual lawyers. Such entities have the potential to be transferred for a premium similar to other forms of businesses.

One factor constraining valuation and transfer of firms is that in the vast majority of U.S. jurisdictions, non-lawyers cannot own law firms. If industry regulations change as is occurring in certain states, other countries, and proposed in more locales, there could be a major law firm valuation shift relative to private equity investments and firm life cycle transfer timing. After all, law firms run well can be highly profitable businesses. Curious if your firm is strategically well-positioned to explore acquirer or acquiree opportunities? Talk to Vertex!

SMALL LAW FIRM ACQUISITIONS ON PACE FOR RECORD HIGH

Law360 Pulse, July 2, 2024, Robert Kamins

Our Robert Kamins discussed the small law firm merger market for the first half of 2024 with Law360 Pulse’s Aebra Coe. The market saw a record number of small law firm acquisitions – these deals primarily involved firms with fewer than 20 lawyers, accounting for 90% of the combinations.

This trend is driven by the pressure small and medium-sized firms feel to grow, offer specialized services, and handle higher volumes of work. However, BigLaw's increasing profitability creates a financial mismatch with smaller firms, leading to a significant financial gap and thus making mergers less feasible.

"There are not many smaller firms that command the billing rates and economic performance that some of the BigLaw firms have engineered for their law firms financially," said Robert. "It's great to have expertise, but sometimes there is too large of a disparity in how those businesses perform."

As Robert highlighted, many partners at small and midsize firms prefer the smaller firm environment – including billing rate flexibility and decision-making autonomy and have no desire to join larger firms, even if their clients and practices align financially with BigLaw.

Interestingly, this trend also highlights the strategic decisions of small and midsize firms to merge rather than compete for talent. The market for legal talent has become increasingly competitive, and smaller firms often struggle to offer compensation packages that rival those of larger firms. Considering a strategic business combination to stay competitive and boost your firm’s operational efficiencies? Or alternatively want to maximize your profitability and financial competitiveness as a standalone entity? Talk to Vertex!

A&O SHEARMAN FACES CHALLENGE TO UNIFY DISTINCT MARKETS

Law360 Pulse, April 30, 2024, Robert Kamins

Our Robert Kamins spoke with Law360 Pulse on the challenges the A&O Shearman Sterling merger presents. Despite boasting a global presence, observers suggest that the merger will take time to fully integrate the two firms. A&O's dominant position suggests it's more of an acquisition of Shearman, which facilitates certain elements of the combination.

"Because of the distressed financial position that Shearman was in, this is not like more traditional mergers of equals in which both sides establish new financial, operational, and cultural norms from combining," Robert said. "This is more of a true acquisition of Shearman by A&O, and their style and management will largely prevail going forward."

Key leadership roles reflect A&O's influence, with A&O's interim global managing partner and Paris managing partner taking top positions. Compensation adjustments, particularly for newly qualified lawyers, signal a shift toward A&O's standards. However, differences in compensation structures between the U.S. and the U.K. remain, potentially impacting the integration process.

Robert emphasizes the importance of compensation, stating, "All roads lead to compensation." He highlights the need for Shearman's U.S. partners to understand the crucial factors in balancing client acquisition and hours worked, especially considering the greater number of hours typically required in the U.S. compared to the U.K. With concerns over talent retention arising amid departures from Shearman, questions about the merger's success come to the forefront. The importance of building trust and collaborating effectively to achieve true integration are the keys to success. Without strong bonds, the firm risks not achieving a successful merger and cross-selling opportunities.

Resolving logistical hurdles is essential for successful integration and achieving revenue growth. Seeking insights from seasoned professionals to navigate strategic mergers? Talk to Vertex!

WHY ARE MORE BIGLAW FIRMS FALLING PREY TO CYBERCRIMINALS?

Law360 Pulse, April 18, 2024, Frank Gillman

Our Frank Gillman spoke with Law360 Pulse on how the legal sector is witnessing a surge in cyber threats, putting client data in jeopardy. In 2023, the industry saw a staggering number of breaches, with over 90 firms falling victim, particularly impacting smaller and midsize entities. Even renowned firms weren't spared, facing breaches primarily through phishing and hacking attempts.

"The reason law firms are such targets is because they have such a wide, diverse collection of assets," said Frank. He emphasized that larger law firms, with extensive reach across multiple industries, are especially enticing targets for cybercriminals.

"Most law firm information is not something that the client wants exposed," Frank added. A cybercriminal can exploit the law firm for profit while it strives to protect its brand reputation and also capitalize on that data against the clients themselves.

As cyberattacks evolve in sophistication, prevention becomes increasingly challenging, prompting firms to prioritize resilience and swift response strategies. While smaller players are stepping up their investment in security measures, achieving comprehensive protection remains an ongoing battle. Does your firm need expert guidance on adopting a proactive approach to risk mitigation? Talk to Vertex!

ANATOMY OF ATTRITION: A LOOK AT LAW'S BIGGEST MERGERS

Law360 Pulse, March 12, 2024, Robert Kamins

Our Robert Kamins discussed attrition trends following BigLaw mergers with Law360 Pulse’s Aebra Coe, emphasizing the critical importance of retaining lawyers after mergers for evaluating the success of large law firm combinations. Analysis of data from Leopard Solutions spanning 2017 to 2021 shows that retention rates typically range between 55% and 75% four years after the merger.

"Obviously a majority is a good number. But when you start dropping below 70%, it shows, for me, the firm didn't get the value it sought long term out of the deal," Robert said.

Various conflicts - legal, business, and personal - contribute to lawyer departures post-merger. He added, “The most common reason you see people leave after a merger who are in the smaller firm is that they like a different environment of practice. If they're in a Mid-Law firm and exited BigLaw previously, they may love that independence.”

Despite significant attrition, success hinges on achieving strategic objectives and cultural compatibility. While retention rates provide insight, factors like firm culture and operational efficiency also influence merger success. Seeking guidance from experienced professionals for navigating strategic mergers? Talk to Vertex!

LAW FIRM MERGERS FELL IN 2023, EVEN AS BIG DEALS TICKED UP

Law360 Pulse, January 2, 2024, Robert Kamins

Our Robert Kamins discussed the overall 2023 decline in U.S. law firm M&A volume with Law360 Pulse’s Aebra Coe, particularly concerning small and medium-sized acquisitions. He highlighted how the trend reflects various factors, such as a desire for larger scale and a shrinking pool of smaller firms.

Robert emphasized the scarcity of midsize firms available for acquisition, stating, "It's not like there's a multitude of midsize firms out there to be scooped up." He highlighted a lack of "quality, smaller" firms ready for acquisition in the marketplace or who even wish to be absorbed based on autonomy.

For both larger acquirers and emerging growth firms, he expressed, "If firms do a deal, they want it to be a really good deal, one that moves the meter for their organization," he explained. "So people are looking harder at deals and waiting to find the right partners."

Nevertheless, despite the overall decline, there was an increase in significant law firm deals in 2023, signaling a growing perceived acknowledgment of cross-marketing and economy of scale benefits associated with larger organizations. The legal industry's merger push evidences larger pack-strength to compete for client projects, invest strategically in technology, overcome challenges, and attract/retain top-tier legal talent. Considering a strategic merger or acquisition? Wonder if your firm is properly positioned to approach and assess acquiror/acquiree opportunities? Talk to Vertex!

WHAT SHOULD LAW FIRMS TAKE AWAY FROM STROOCK'S DEMISE?

Law360 Pulse, November 1, 2024, Robert Kamins

Our Robert Kamins spoke with Law360 Pulse on the valuable insights law firm leaders can take from Stroock & Stroock & Lavan LLP’s recent dissolution, a development that was largely anticipated in legal circles. The firm's demise was foreshadowed by the departure of its key bankruptcy group the previous year and several unsuccessful merger attempts with other significant law firms. Ultimately, firm leadership's inability to manage partner interests effectively and prioritize the firm's health contributed to the downfall.

"Time is a compounding challenge. As more time goes on, it's like health — if you don't deal with something, it's a lingering issue that you're aware of, it's not going to get better on its own typically," Robert said. "So you have to address those weaknesses head-on."

The fall of a legacy firm with over a century of history serves as a poignant reminder of the significance of proactive measures that law firms must take to mitigate vulnerabilities. These measures include diversifying their areas of practice, prioritizing talent retention, fostering self-awareness within their leadership for effective strategic planning, and remaining receptive to feedback from the marketplace. Need expert advice from seasoned professionals on how to effectively address strategic and operational vulnerabilities? Talk to Vertex!

FIRMS STRUGGLE WITH WHAT TO SAY ON ISRAEL-HAMAS CONFLICT

Law360 Pulse, October 20, 2024, Robert Kamins

Our Robert Kamins spoke with Law360 Pulse in London, on complexities law firms face in navigating political and societal issues related to the Israel-Hamas conflict. Despite how risk-averse law firms may be, they may still feel communications pressure to publicly address such situations timely.

"Especially because of the rise of social media, LinkedIn, X, they see their competitors increasingly in the public square of discourse, putting out statements," Robert said.

Law firms have adopted various approaches to handle these issues, with some opting for silence and others believing that taking a public stance can set them apart in a competitive legal market. A few prominent firms have even taken decisive action to rescind job offers from candidates expressing political views tied to the conflict contrary to firm values.

"Ultimately a firm expressing a viewpoint on a candidate is not a bad thing," Kamins said. "People probably want to make sure both clients and recruits ... are a good fit, meaning that if somebody is going to have a [controversial] political position or feelings or sensitivities, they are going to be at odds with an institution." Thus, in the free market both clients and attorneys can find alternate firms that better meet their needs or align with their values.

Robert further commented that law firms are filled with highly intelligent professionals who both professionally assess risk and spot issues. Consequently, firms opting to release statements on controversial topics typically engage in prior thoughtful evaluation of how they want to be perceived while reflecting their values. At the same time as firms explore diversity, equity, and inclusion they need to consider the extent to which contrary or diverse opinions are truly welcome in a firm. Beyond sensitive global politics, similar flashpoint situations also occur with domestic issues such as abortion and gun control. Therefore, a firm needs to self-reflectively look at its professionals, clients, and geographic markets to make sure its statements are aligned with the totality of the firm and not just some individuals.

Ultimately, Robert advised that the decision to release statements on such topics “really comes down to the culture of the individual firm” and that whenever addressing any issue, it is important for a firm "to be true to yourself.”

Need premier advice on how to approach your most sensitive and complex strategic issues? Talk to Vertex!

US-UK LAW FIRM MERGERS MAY MAKE FOR THORNY LOVE AFFAIRS

Law360 Pulse, October 13, 2024, Robert Kamins

Our Robert Kamins spoke with Law360 Pulse regarding the significant challenges posed by US-UK law firm mergers. With Allen & Overy LLP and Shearman & Sterling LLP stakeholders approving their combination, other firms on both sides of the Atlantic might contemplate similar moves. As the legal profession increasingly evolves into a global marketplace, the trend of consolidation continues to gain momentum. Nevertheless, despite heightened interest and scale benefits, the likelihood of successfully completing such deals remains challenged. These difficulties stem from intricate cultural integration processes, misaligned economic structures, disparities in partner compensation systems, and divergent production expectations. Even elements such as who will lead the combined firm, partnership agreement formalities, practice synergies, and even vacation/holiday customs can become factors.

In terms of financial considerations, Robert described that "It can be like mixing apples and oranges.” He also emphasized that there are additional, more abstract challenges to consider beyond just the financial aspects. "These are human decisions,” said Robert. “A law firm is not like a corporate merger with executives at the top approving the deal. This is a rollup of very high-profile individual lawyer practices, so there's a lot of people and egos involved."

Is your firm formulating a strategy to enter the global marketplace, potentially through a merger or acquisition? Need premier experienced guidance to effectively address the intricate challenges that arise when combining markedly different firms? Talk to Vertex!

ANTICIPATED SURGE IN LAW FIRM MERGERS HASN'T MATERIALIZED

Law360 Pulse, October 2, 2023, Robert Kamins

Our Robert Kamins spoke with Law360 on the lack of actualized mergers relative to recent years. He commented that deals take a vast amount of time to achieve based on due diligence, financials, culture, leadership, organizational structure, governance, compensation, system integration, personnel redundancies, and partner strategic buy-in among other factors.

While Robert addressed that the 2023 drop off is fairly in line with recent four to five years, he stated that timely elements may be at play. “Within law firms, management is in the background looking at how to re-engage their talent, get people back in the office or stay connected and maintain their cultures,” Robert observed. “They're wrestling with their real estate footprint … there's a lot of distractions that may be getting in the way of combinations."

Is your firm contemplating a merger or acquisition? Debating a merger, internal strategy overhaul, or lateral growth? Talk to Vertex! We have experience guiding successful combinations, finding merger partners, performing due diligence, negotiating/resolving terms, and leading M&A project management.

AS BIG LAW PLUNDERS TALENT, MIDSIZE FIRMS EMBRACE 'LIFESTYLE'FIRM STATUS

Law.com Pro, September 27, 2023, Robert Kamins

Our Robert Kamins spoke with Law.com Pro on strategies midsize law firms employ to counter Big Law market pressure. While midsize law firms are experiencing growth, they grapple with rising compensation and tech costs distributed across a lesser firm scale. Yet for many, their "lifestyle firm" identity shields against larger hours and profit pressures through a confident emphasis on sustainable work-life balance, collaborative culture, and long-term talent development/retention vs. short-term profits.

On this, Robert stated, "The pressure is only an issue when a firm lets that pressure get to them. A lot of firms don’t care; they are strong in their identity or their practice areas or specialty areas.”

Discover how your mid-size firm can develop a strategy to succeed against firms of all sizes in a competitive market. Through robust identify formation, financial accountability, strategic growth planning, and collaborative compensation your firm can thrive. Want to soar higher? Talk to Vertex!

Law Firms Post Historic Numbers Of Blockbuster Tie-Ups

Law360 Pulse, July 3, 2023, Robert Kamins

Our Robert Kamins spoke with Law360 about the legal industry’s ever-evolving landscape and a defined market trend of increased larger law firm mergers and acquisitions by headcount. While the overall number of recent law firm combinations has slightly dipped, it has been overshadowed by the scale of the deals announced during the first half of 2023.

Robert advises that a perception of scale reigns supreme as a current source of firm competitive advantage. Law firms are embracing the notion that size matters—adding appeal to clients across geographies, attracting lateral talent, and fortifying the ability to command higher rates.

"I think that in a down economy, that perception that scale matters and the desire to protect or grow profitability is increased," said Robert. "There's more pressure on midsize firms to think about their options, and the bigger firms are leveraging their market power."

This trend is expected to continue, with large firms adding mid-size firms to grow, enter new markets, and achieve greater economies of scale. Similarly, some mid-size firms may determine they do not have the leadership, succession planning, financial or technological resources to be as competitive going forward. Is your firm well-positioned to find and integrate acquisitions or defensively navigate its own future? For expert guidance with either approach, talk to Vertex!

As Courts Express AI Concerns, Organizations Must Tap eDiscovery Professionals for Guidance and Expertise

eDiscovery Today, June 27, 2023, Joy Holley

Embracing AI in Law: eDiscovery Professionals as Guides

As the legal industry witnesses the rapid evolution of artificial intelligence (AI), courts are expressing skepticism and concern. Recent sanctions imposed on lawyers who relied on AI tool ChatGPT highlight the need for responsible AI use. This presents a unique opportunity for internal/external eDiscovery professionals to offer guidance to law firms and corporate legal departments. They can debunk the notion that all AI tools are suspect, leverage their expertise in integrating AI into eDiscovery software, and address data privacy and security. Their specialized knowledge is valuable in vetting vendors, evaluating AI technology, and instilling trust in corporate clients and stakeholders.

“The vendor relationships and unique industry knowledge that eDiscovery professionals have are invaluable to any law firm or legal department endeavor to understand the emerging AI landscape” says Vertex Advisors consultant and eDiscovery expert Joy Holley in her article 𝘈𝘴 𝘊𝘰𝘶𝘳𝘵𝘴 𝘌𝘹𝘱𝘳𝘦𝘴𝘴 𝘈𝘐 𝘊𝘰𝘯𝘤𝘦𝘳𝘯𝘴, 𝘖𝘳𝘨𝘢𝘯𝘪𝘻𝘢𝘵𝘪𝘰𝘯𝘴 𝘔𝘶𝘴𝘵 𝘛𝘢𝘱 𝘦𝘋𝘪𝘴𝘤𝘰𝘷𝘦𝘳𝘺 𝘗𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭𝘴 𝘧𝘰𝘳 𝘎𝘶𝘪𝘥𝘢𝘯𝘤𝘦 𝘢𝘯𝘥 𝘌𝘹𝘱𝘦𝘳𝘵𝘪𝘴𝘦 (available via the linked eDiscovery Today website).

Need to leverage top rate expertise to navigate the AI landscape responsibly and competitively based on multi-year eDiscovery AI experience? Talk to Vertex!

Don't Expect Partner, Team Moves To End Anytime Soon

Law360 Pulse, May 16, 2023, Robert Kamins

In a recent interview with Law360, our Robert Kamins shed light on a growing trend reshaping law firms. Influential partners, known for their long-standing loyalty to one firm, are now making bold moves by not only switching firms but also bringing their entire teams with them. This group mobility surge is fueled by attractive compensation packages, greater leadership prospects, alternative cultures, and the recognition of benefits for both lateral partners and new firms.

Robert attributes the increase in partner moves to the pandemic, which has prompted attorneys to reflect on their priorities and reassess their career paths – along with other economic factors.

"Partners want to make sure that they're being fairly compensated and that their businesses — because they are all individual business owners or groups — are being properly recognized, and not being negatively impacted, right?" Robert said. "So they're gonna make choices, in general, to make sure the economics work for them in a productive way."

Robert noted that besides moving to competing large law firms, some partners are migrating to smaller firms or starting their own enterprises. Doing such empowers partners to offer lower client billing rates or leverage lower overhead cost impact.

To counteract the risks associated with lateral churn and partner departures, law firms should take proactive measures. Firms must focus on creating a positive and supportive environment that fosters professional growth, encourages collaboration, and offers competitive compensation packages to retain partners and maintain stability. Need guidance on understanding these trends and implementing strategic measures? Talk to Vertex!

Keep Calm and Carry On: Artificial Intelligence Won’t Replace Lawyers But It Will Reward Those Who Know How To Use It

The Bar Association of Metropolitan St. Louis, May 5, 2023, Joy Holley

AI Cautionary Tales: Beware of Unchecked Reliance on ChatGPT!

On Tuesday, May 30, a federal judge in Texas ordered that all lawyers in his court file a “Mandatory Certification Regarding Generative Artificial Intelligence” disclosing and attesting that the use of AI in drafting any filing was checked by humans using traditional sources. The order comes on the heels of reports that two lawyers face possible sanctions in NY federal court for their unverified use in a filing of case citations and quotes that turned out to be fabricated by ChatGPT. Judge Brantley Starr | Northern District of Texas | United States District Court (https://lnkd.in/ghFFdDsf)

“The rapidly evolving use of AI in legal practice is ripe for regulation and ethical standards,” says Vertex consultant Joy Holley in her article 𝘒𝘦𝘦𝘱 𝘊𝘢𝘭𝘮 𝘢𝘯𝘥 𝘊𝘢𝘳𝘳𝘺 𝘖𝘯: 𝘈𝘳𝘵𝘪𝘧𝘪𝘤𝘪𝘢𝘭 𝘐𝘯𝘵𝘦𝘭𝘭𝘪𝘨𝘦𝘯𝘤𝘦 𝘞𝘰𝘯’𝘵 𝘙𝘦𝘱𝘭𝘢𝘤𝘦 𝘓𝘢𝘸𝘺𝘦𝘳𝘴 𝘉𝘶𝘵 𝘐𝘵 𝘞𝘪𝘭𝘭 𝘙𝘦𝘸𝘢𝘳𝘥 𝘛𝘩𝘰𝘴𝘦 𝘞𝘩𝘰 𝘒𝘯𝘰𝘸 𝘏𝘰𝘸 𝘛𝘰 𝘜𝘴𝘦 𝘐𝘵 (available on the The Bar Association of Metropolitan St. Louis website).

“In the meantime, it’s incumbent on law firms to self-regulate and protect themselves by implementing defensible policies and best practices surrounding their use of AI.” Joy clarified, “AI can be a powerful tool to help lawyers stay competitive and the technology can provide valuable insights to deliver better client service, so long as human strategic oversight is always in place.”

Need help developing appropriate use cases and guidelines for AI use? Talk to Vertex!

New lawyer hiring was up in 2022. Will 2023 law grads be so lucky?

Reuters, April 25, 2023, Robert Kamins

The legal industry saw an increase in hiring for new associates in 2022 despite the challenges posed by the pandemic. Our Robert Kamins conversed with Reuters about the current state of the legal job market and what the near future may hold for law school graduates.

Robert highlighted that while some law firms have laid off associates or delayed start dates due to a slowdown in demand, this has been mostly limited to firms with significant technology economy exposure. In contrast, full-service law firms will still require new associate talent in high-demand practice areas, such as labor employment, intellectual property, insurance defense, and cybersecurity in particular. Also, full-service firms typically struggle in attracting a deep associate talent base with a steady talent pipeline to fill key needs.

The legal industry can be highly competitive and the current job market for new lawyers reflects this reality. Robert's insight highlights the importance of adopting a strategic and proactive approach to finding a legal job in today's market. Law school graduates must go beyond their academic and experiential qualifications to stand out in the crowded field. In addition to developing a professional brand and networking with potential employers, they must demonstrate the ability to learn, collaborate, and innovate.

Despite hiring and economic challenges, law firms will continue to present sizeable job opportunities for 2023 graduates. Does your firm need proactive recruitment strategies to secure the best candidates? Talk to Vertex!

Even More Legalweek 2023 Observations from Attendees!: eDiscovery Trends

eDiscovery Today, March 29, 2023, Joy Holley

Our Joy Holley had the pleasure to attend LegalWeek 2023 and share her technology observations with eDiscovery Today.

“LegalWeek 2023 had a palpable energy that I haven’t experienced in the past 10 years, especially in the eDiscovery space. I see new players gathering great talent and doing very exciting things that I think will inject much-needed competition in the market. I’m glad to hear lots of buzz surrounding new, more effective tools to collect mobile data, given its increased importance in our post-Covid workplace and current regulatory landscape. The explosion of Chat GPT technology gives us a common vocabulary with users to gain buy-in for tools to accelerate legal innovation. It’s a fascinating time in our industry as innovation accelerates at an unprecedented level!” shared Joy.

Through Joy’s and similar shared observations, no doubt technology is revolutionizing all aspects of law practice. If you need expert advice on how new technology can advance your firm’s people and processes, talk to Vertex!

So You Made Partner. Now What?

Law360 Pulse, March 29, 2023, Kathy Hancock

Becoming a partner at a law firm is a significant achievement, but it also comes with increased responsibility and new challenges. Our Kathy Hancock spoke with Law360 on her top three pieces of advice for new partners:

𝟭. 𝗪𝗼𝗿𝗸 𝗛𝗮𝗿𝗱, 𝗚𝗲𝘁 𝗖𝗹𝗶𝗲𝗻𝘁𝘀

Partners are expected to bring in new clients and generate revenue for the firm. “If you opened your own law firm, you’d immediately focus on revenue generation and doing it profitably,” Kathy said. “The days when partners succeeded as worker bees without their own book of business are in the rearview mirror. Everyone can do business development, it is a learnable skill, though people may do it differently and some better than others.”

“The time for developing your book of business begins several years before you make partner so you’re ready for this inevitable transition,” she added.

𝟮. 𝗙𝗼𝗰𝘂𝘀 𝗢𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝘀

On understanding the firm’s financials and its management structure, Kathy said “This includes how the partner compensation system works and what factors are important in the eyes of compensation decision makers. If you are not already savvy to how decisions get made and whom to go to when you have questions or when you need help, make it a priority to figure it out. Ask for help or information when you need it from the right people, and it will make your life at the firm easier.”

“Take time to understand your firm’s compensation system and when it’s time to provide the decision make with information, do it from a business owner’s perspective and keep the tone business-like,” Kathy advises.

𝟯. 𝗟𝗶𝘀𝘁𝗲𝗻 𝗠𝗼𝗿𝗲, 𝗧𝗮𝗹𝗸 𝗟𝗲𝘀𝘀

A law firm is a team effort, and as a partner, you should communicate effectively and work collaboratively with others to achieve success for the firm as a whole. “If these skills are not in your took kit, they can be learned and make that a priority” Kathy said.

“Listening more and talking less are smart,” she added. “Stepping on others’ toes, regularly while tangling with other lawyers and staff, not keeping referring lawyers in the loop, and not responding timely contribute to a negative reputation that is hard to shake and cuts into your economic success.”

Law firms should strive to provide new partners with the resources, support, and opportunities to thrive in their advanced role. Does your firm need partner coaching, training, and advancement strategies from leading experts? Talk to Vertex!

Here's Why 'Quiet Quitting' Won't Catch On In BigLaw

Law360 Pulse, March 10, 2023, Robert Kamins

Quiet quitting in legal? Our Robert Kamins spoke with Law360 on whether BigLaw experiences the generational/societal trend of burned-out or unsatisfied personnel putting forth the least possible effort to complete minimum job requirements, without actually leaving.

Robert noted that unlike many businesses, law firms have utilization metrics to measure participation and engagement for timekeepers that will identify “quiet-quitters” promptly. "If a firm is in a position to be considering making cuts, layoffs, redundancies, whatever you want to call it, those are going to be in the pockets of softness that they're going to look at in terms of potential opportunities," so quiet quitting on the fee earner side will not be long tolerated in any economy.

As to business professionals in a slowing economy, Robert added "I think most people would be pretty scared now to be doing that, or realizing: OK, I have less market power now. I have less opportunity. There's a target on my back." Law firms now more than ever need to maximize talent engagement and dedication.

Need top-rate strategic advice on how to maximize talent contributions at your firm? Talk to Vertex!

Shearman Faces Rough Going After Merger Collapses

Law360 Pulse, March 6, 2023, Robert Kamins

As merger and lateral activity continues at a fast pace in Q1 of 2023, our Robert Kamins spoke with Law360 on Shearman & Sterling’s and Hogan Lovells’ collapsed merger talks. He commented that even when merger discussions end, impact ripples continue in partner departures and market signals to other potential merger partners. Robert stated that Shearman could face, “greater challenges in negotiating a deal as more attorneys leave, leading to negative narratives building around the firm." He further stated a competitor reaction could result, “there may be a weakness, there may be an opportunistic time to pursue partners from the firm."

Need premier strategic merger and acquisitions advice for your firm? Talk to Vertex!

Law Firm Data Breaches Continue To Rise

Law360 Pulse, January 6, 2023, Frank Gillman

Vertex’s Frank Gillman was interviewed by Law360 on why law firm data breaches continue to rise. The vast amounts of confidential information law firms possess makes them a hot target for cybercriminals.

"Law firms have all these challenges because they are storing and holding all this client data," Gillman said. "So the question is, should they, or is there maybe a better operative way for the law firm to perform its tasks and not necessarily be the holder of all that information?"

He further stated, "People are always your risk, and in the world we live in now, you have people working everywhere, from everywhere, on devices all over the place in multiple scenarios, and it stands to reason that increases your attack surface."

"What makes you flexible and allows multiple types of work environments often essentially exposes you to some more elevated risk of attack," he added.

The cyber-attacks will likely continue to rise in 2023 as the threats continue to evolve and become more sophisticated. It is crucial for firms to have technology-fluent lawyers.

If you want experienced guidance to mitigate cybersecurity risks and educate your professionals, talk to Vertex!

Why BigLaw Is Rushing To Get Bigger In 2023

Law360 Pulse, January 30, 2023, Robert Kamins

Our Robert Kamins spoke with Law360 on BigLaw’s rapid race to expand in early 2023. Large law firms are seizing growth opportunities by merging with midmarket players and acquiring significant lateral groups. Firms want to solidify their market position in core practices and synergistically across geographies.

For acquirors and also acquirees, there is a bigger-is-better trend in play. "There is a perception that scale matters," Kamins said. "They realize that there are economies of scale, there are efficiencies, there are opportunities to join a bigger firm and have that advantage."

If you want premier advisory guidance to drive your firm's growth, lateral, merger, and acquisitions strategies, talk to Vertex! We routinely achieve truly exceptional client outcomes.

COULD HYBRID WORK AND GENERATIONAL SHIFTS FINALLY KILL EMAIL?

ABA Journal, December 1, 2022, Frank Gillman

In the ABA Journal’s current issue, our Frank Gillman strongly argues that hybrid work and generational shifts will finally reduce email’s prevalence in the legal industry. He believes, "Email is the next facsimile… we're at the tipping point where email starts to fade out over the next five to 10 years”.

He noted three main factors driving change, "client demand, the next generation of executive leadership attuned to newer technologies, and a desire to attract and retain new talent with the latest digital platforms." Recent surveys such as one by Wakefield Research support that trend finding nearly one-third of remote workers wanted a break from emails and 22% of remote workers wanted to quit their jobs because of email burnout and fatigue.

Modern practice platforms smartly combine business strategy with technical collaboration tools. If you need premier advice to address your workplace’s generational and post-pandemic evolution, talk to Vertex!

Why BigLaw Could See A Slower Rate Increase In 2023

Law360 Pulse, October 28, 2022, Robert Kamins

Our Robert Kamins spoke with Law360 Pulse on law firm billing rate-setting strategy for 2023. He expressed that while most “BigLaw” firms will likely increase standard billing rate scales by 3-5% on average, usual active negotiation and discounting will continue. Further, actual increases by individual attorney accounting for seniority may be greater. On discounting and alternative fee arrangements he stated, “every variation behind the scene goes on… But I do think the overall spirit of what a firm is trying to achieve is… to increase the actual real dollars they are collecting for every hour worked."

If you need preeminent guidance on billing rate strategy, competitive benchmarks, profitability, pricing, and financial planning, talk to Vertex!

Why More Law Firms Are Targeting Group Hires

Law360 Pulse, October 21, 2022, Robert Kamins

Our Robert Kamins spoke with Law360 on why law firms are increasingly turning to lateral group hires. He shared that beyond firms’ growth strategy plans, they can benefit from such hires to further firm succession plans and find new practice group leaders amid generational change.

"There are a lot of law firms, more than in the past, that especially as we're coming out of COVID, maybe hadn't thought about their succession for practice groups ... that are looking to figure out what the future is," he said.

If you want premier advisor guidance for your firm's growth strategy, leadership roles and responsibilities, or succession plans, talk to Vertex!

Work-From-Home Security Risks Still Abound For Law Firms

Law360 Pulse, September 30, 2022, Frank Gillman

Our Frank Gillman spoke with Law360 Pulse on often unaddressed security risks for law firms and their clients despite progress made to prevent hybrid work model breaches. He expressed while “firms have done a better job of focusing on phishing schemes and general cyber awareness, they often neglect both the physical security of information in a remote world… along with teaching people about the protection of confidential information including conversations that happen at home, or in public places.” As to how midsize and boutique firms specifically can improve cybersecurity posture, he recommended that a strong “data loss prevention program would put in guardrails to best protect people from themselves and from third party vendors.”

If you need premier advice to improve your firm’s cybersecurity defenses, incident response program, or better align data security protocols to existing business objectives, talk to Vertex!

Why Attorney Bios Are A Cybersecurity Risk For Law Firms

Law360 Pulse, June 27, 2022, Frank Gillman

Despite their clear marketing benefit, online attorney bios can be unintended information goldmines for hackers to launch phishing attacks or commit wire fraud against law firms our Frank Gillman told Law360. The best strategy is to strike the right balance between marketing tactics and cyber defense. Need help properly aligning your firm’s cybersecurity approach to its business goals from a team with consummate legal industry expertise? Talk to Vertex.

Large U.S. law firms mostly quiet on abortion ruling, are 'walking a tightrope'

Reuters, June 26, 2022, Robert Kamins

During a historic and emotional SCOTUS term, our Robert Kamins spoke with Reuters on law firms' complicated positions relative to expressing stances or reimbursing employee abortion-related travel expenses after the Dobbs ruling. Leveraging his leadership experience he stated firms will be very cautious, "They have to make sure they are being thoughtful about it... What is the business impact? What is the client impact? What is the recruiting impact? There are lots of things to think about."

If you want leadership guidance from premier advisors for your firm's greatest challenges, Talk to Vertex!

Law Firm Mergers Hold Steady Despite Recession Talk

Law360 Pulse, June 17, 2022, Robert Kamins

Our Robert Kamins spoke with Law360 on the continued strong market for law firm merger discussions. He shared how firms use M&A to add complimentary practices and geographies to advance strategic plans. Robert further highlighted merger drivers including succession planning, scale, attorney retention, legacies, and increased profitability.

He remarked that due to remote/hybrid work, real estate setup is a lesser challenge than before, “firms can enter a market, pick up a firm much more easily and work out some of those details later than they used to be upfront.” If you need experienced merger and lateral acquisition guidance from a team that has integrated hundreds of lawyers, groups, and firms…. Talk to Vertex!

Amid BigLaw Data Attacks, Breaches Surge For Smaller Firms

Law360 Pulse, June 15, 2022, Frank Gilman

Our Frank Gillman spoke with Law360 on the expertise gap impacting small and midsize firms representing 78% of serious data security incidents within the legal industry. While firms with those demographics properly recognize the threat to their business and invest in cyber defense tools and systems, he said “many lack the staff, resources and expertise to properly identify risk reports and react before an incident becomes a bigger issue.”

If you need help reducing your firm’s data security risk by filling the expertise gap from a team that has helped firms of all sizes avoid, respond, contain and remediate a breach …. Talk to Vertex!

Law Firms' Biggest Cybersecurity Liability: Senior Partners

Law360 Pulse, June 15, 2022, Frank Gillman

Senior Partners pose heightened security risks to their firms however, they are often not among the top cybersecurity concerns. “If the senior people with the most elevated access don’t implement things properly and don’t adhere to them, what the rank and file do has much less impact” said Frank Gillman, Principal at Vertex Advisors LLC, in a recent interview with Law360 on the topic of law firms’ biggest cybersecurity liability. Can your firm do more to protect client data and protect itself from potential cybersecurity risks? Talk to Vertex!

Johnny Depp lawyer is fast-tracked to partner after Heard trial wiN

Reuters, June 7, 2022, Beth Cavagnolo

Our Beth Cavagnolo, spoke about Camille Vasquez’s fast-tracked promotion to Partner at Brown Rudnick following her representation of Johnny Depp in his defamation trial. Beth remarked, "In a situation like this, there is absolutely a war for talent, and I'm sure it was very much a retention measure for Ms. Vasquez." Can your firm do more to effectively recognize, reward, and retain top talent and related clients? Talk to Vertex!

MASSIVE SUMMER ASSOCIATE CLASS SIZES SHOW BIG LAWIS BULLISH ON ITSELF

American Lawyer, May 25, 2022, Robert Kamins

Robert Kamins discussed increased Summer Associate class sizes with The American Lawyer and firms’ ability to provide a more traditional experience than in the two prior pandemic years. He commented, “The arrival of the summer associates in a big firm is an event that highlights the cultural life of a firm…as firms try to reinvigorate that culture, the arrival of more summers than they’ve had in the past is a good cultural shot.” Perhaps adding more associates is also to help right size, make up for missing talent vs. the costly lateral market, and get other lawyers back to the office. If your firm needs a cultural boost or bolder recruitment strategies, talk to Vertex!

'Sustainability' is latest cause to earn hourly credit at corporate law firms

Reuters, February 9, 2022, Robert Kamins

Our Robert Kamins spoke with Reuters' Karen Sloan on whether one prominent firm’s 'Sustainability' billable hours credit will start a legal industry trend. He commented, “I think there’s an element of firms trying to make a statement to the world, their clients, and attorneys about the values of their organizations,” Further, he expressed it would give attorneys more flexibility on public benefit non-billable hour work for hourly credit – especially transactional attorneys who don’t always have same pro bono opportunities as litigators. For insights to advance your firm's cultural values, talk to Vertex!

Why Financial Penalties For Departing Lawyers May Dwindle

Law360 Pulse, May 6, 2022, Robert Kamins

Robert Kamins spoke with Law360 about a recent case ruling on law firm penalties imposed on attorneys who leave with clients. Robert suggested the Colorado court’s ruling has limited implications as it highlights an attorney’s right to practice and a client’s right to work with a preferred lawyer as “it's generally understood that clients hire lawyers and not law firms.” He further commented on cultural enhancements and financial disincentives to retain attorneys vs. punitive measures. Does your firm need programmatic strategies to retain talent and clients? Talk to Vertex!

Why The Law Firm Wage War May Soon Subside

Law360 Pulse, March 25, 2022, Robert Kamins

Although associate salary scale increases shock some, Robert Kamins spoke with Law360 on the profitability justification. Need to to financial engineer your firm's compensation to drive results, Talk to Vertex!

Why The Okta Data Breach Is A Wake-Up Call For Law Firms

Law360 Pulse, March 24, 2022, Frank Gillman

Even expert cybersecurity vendors are at risk. Frank Gillman advocates operative incident response plans for every organizational unit. Need help crafting/improving your plan? Talk to Vertex!

As Omicron fades, Kirkland office return plan could help set legal industry trend

Reuters, February 9, 2022, Robert Kamins

As pandemic guidelines shift, so too do law firm return-to-work policies which Robert Kamins discussed with Reuters Legal's Karen Sloan. Need input on how your remote/hybrid work strategy will impact your culture, clients, and talent? Talk to Vertex!

Cybersecurity Awareness BriefinG - FEatured Speaker

Frank Gillman presented a Cybersecurity Awareness Briefing to the Pasadena Angels membership identifying the increasing digital risks that companies, organizations, and governments continue to face. The presentation included real-world actionable steps and best practices individuals and business owners could take to reduce the threat of attack and minimize liability.

Pasadena Angels, September 8, 2021, Frank Gillman

HOW FINANCE PROFESSIONALS DRIVE FIRM PROFITS

Aderant Virtual Momentum Conference, May 19, 2021, Robert Kamins and Michael Prohias

COVID-19 Lessons Learned & Preparing for the Next Unknown (CLE)

NAMWOLF Annual Meeting, September 14, 2020, Robert Kamins

Robert Kamins was a featured speaker in a CLE discussing 2020’s unprecedented employer managerial challenges and unexpected silver linings.  He shared his perspective on challenges experienced by large and small firm clients and adaptation to a newly remote workforce, reductions in force, and data-driven decision-making to drive organizations forward.    

LADY GAGA'S LAW FIRM GOT HACKED. NOW WHAT?

The American Lawyer, May 15, 2020, Frank Gillman

LAW FIRM MANAGEMENT: BILLIONS — ALL THINGS COMPENSATION

NAMWOLF Annual Meeting, September 24, 2019, Robert Kamins

Robert Kamins spoke at the National Association of Minority and Women Owned Law Firms (NAMWOLF) Annual Meeting on Tuesday, September 24th 2019.  At the Law Firm Management session Robert covered compensation models for Partners, Of Counsel, Associates and Staff, discussed survey results,  and facilitated Managing Partner breakout sessions with different sized firms.