Midsize Firms Setting Pace in Demand Growth
Timothy Lynch Featured in The Mid-Size Market Report
January 4, 2019 | Originally Published in The Mid-Size Market Report
Midsize law firm leaders in various geographic regions said they have noticed an uptick in demand at their own firms, citing a number of drivers. Several of them noted that they have also experienced head count growth, which is a result of client demand, but also makes it difficult to determine exactly how much demand has increased.
Tim Lynch, managing partner of Mid-Atlantic firm Offit Kurman, said merger and acquisition work at Offit Kurman is above pre-2008 levels, and that transactional activity has been especially high among privately held businesses, which make up most of the firm’s client base.
“The fact that we’ve grown so much … and we’re seeing top line revenue and bottom line profitability [increasing] and excess capacity decreasing, that’s a good thing,” Lynch said.
Lynch estimated that billable hours at the firm were up by more than 20 percent in 2018 compared to 2017, even when adjusted for lateral hiring. He said revenue growth outpaced head count growth, and the firm is pleased with those numbers.
ABOUT TIMOTHY LYNCH
Mr. Lynch is the Managing Partner of Offit Kurman. He also sits on the firm’s Executive Committee. As such, he is responsible for all of the lawyer operations at the firm and he is heavily involved in the daily operations and strategic planning for the firm. Before moving into these roles, he chaired the Commercial Litigation Practice group at the firm. He has a national practice that focuses acting as general counsel and special litigation counsel for many entrepreneurs as well as owner-managed businesses and their owners in a wide array of industries. In that regard, he regularly advises clients on strategic, growth and corporate issues. He also regularly advises financial institutions and key employees on employment and regulatory issues.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the mid-Atlantic region. With over 185 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our twelve offices serve individual and corporate clients along the I95 corridor in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
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