Offit Kurman was recently named as one of the fastest growing law firms in America by the National Law Journal in the “NLJ 500.” The annual publication is a report on the 500 largest law firms in America. Offit Kurman was reported as being the second fastest growing firm in the nation – growing more than 40% over the past year.
“Our focused approach to representing the privately held marketplace and institutions that cater to that market as well as our transparent and objective approach to management will become the norm on how law firms undertake the business of legal services. This approach has created the environment that allows for the trust, stability and scalability required for growth.”
Tim Lynch said that the firm’s compensation philosophies, its investment into professional management, technology and the resulting business efficiencies has afforded the company a better position to weather the uncertainties of the present economy. He stressed though that many law firms do not budget or staff appropriately for these types of circumstances, and that more layoffs or firm closures should be expected in the industry.
While industries dependent on in-person commerce such as restaurants, events, travel and retail have been perhaps the most reported businesses to fall victim to the pandemic, some normally “recession-proof” industries are also exhibiting significant distress. Law firms as businesses have historically been regarded as more immune to economic downturns. However, the shutdowns have caused unprecedented disruptions to court systems throughout the country, with many courts still closed all together. Many law firms depend on litigation either directly or indirectly as a primary source of revenue, and the court closings and delays have proven a substantial blow to firm billings across the country. This has resulted in a trend of major law firms across the country announcing furloughs, hiring freezes and budget cuts. The U.S. Department of Labor reported that the legal industry cut 64,000 jobs in April, marking nearly a 20-year low for the industry.
Nevertheless, some firms are bucking the trends amidst the market correction.
“The reality is that many attorneys were already beginning to recognize that old fashioned ways of running a law firm are no longer sustainable even before the shutdowns, and the coronavirus has just expedited that learning curve,” said Lynch. “We have been successful in recruiting and acquiring attorneys because our model focuses on providing attorneys the modern resources they need to be successful.”
Over the past two years, the firm has expanded through new offices in New York, Pennsylvania and North Carolina. Leadership for the firm said they plan to continue that expansion, and expect more attorneys and law firms to express interest in joining especially in light of the pandemic.
“There are a lot of talented attorneys out there reconsidering how they want to run their businesses right now,” said Lynch. “Many attorneys are not going to be able to produce the same quality of life or quality of earnings under the old law firm model. But, they likely would under our model.”
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.
Whatever and wherever your industry, Offit Kurman is the better way to protect your business, preserve your family’s wealth, and resolve your most challenging legal conflicts. At Offit Kurman, we distinguish ourselves by the quality and breadth of our legal services—as well as our unique operational structure, which encourages a culture of collaboration and entrepreneurialism. The same approach that makes our firm attractive to legal practitioners also gives clients access to experienced counsel in every area of the law.
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