The American Lawyer published an article today that is crucial for firms across the nation who are looking to grow.
"Large law firms are stepping up their activity in midmarket cities in the U.S., with both Latham & Watkins opening in Austin, Texas, and Spencer Fane merging with Nashville-based Bone McAllester within a day of each other last week being the most recent examples.
Population growth, tech and VC dollars, universities and business-friendly regulation. Those are a few key ingredients for the growth of secondary legal markets like Austin, Denver and Nashville, Tennessee. And recruiters and law firms are starting to see them percolate in places like Salt Lake City, Miami and Seattle.
In each of those markets, industry observers say they are seeing an increase in activity and people, and that means more dollars and cents, and more opportunities for law firms."
Read the rest of the article on the American Lawyer.
In our experience, including recently coordinating the Spencer Fane/Bone McAllester merger and opening K&L Gates in Nashville, opening Steptoe & Johnson in Collin County and San Antonio, as well as extensive work in Austin, we could not agree more. The pandemic has permanently changed things, and national firms are noticing new opportunities in growing midmarket cities across the nation where regional firms once dominated.
Whether a firm is entering Austin to attract talent from UT Law, Salt Lake City to capitalize on the "Silicon Slopes," or hiring remote associates in Nashville, we are seeing movement toward these emerging markets. In our over two decades of experience consulting, we have earned a reputation for helping firms evaluate and enter new cities across the nation. If your firm is interested in talking about what markets might make strategic sense for your goals, we would love to talk.