O ne way to gauge the health and hectic work schedules have become - PDF document

NJ’s Top Law Firms Position Themselves To Meet the Challenges Of Changing Times By Mike Silverstein, Contributing Writer O ne way to gauge the health and hectic work schedules have become by Andrew Berry, chairman, McCart- and changing needs of com- common. With mega-sized law firms in er & English, LLP (offices in Newark panies in a stressed economy nearby New York and elsewhere will- and six other states besides New Jer- is to look at the way law firms are ing and able to offer very hefty com- sey). “We now have a very active sub- structuring their own operations to pensation packages, New Jersey’s firms prime group,” he reports. “In just the accommodate these conditions. These have had to come up with some excep- last week, our firm got two significant days New Jersey’s largest law firms tionally attractive non-salary incentives workout assignments from a Top Five have been meeting the challenges in to compete for the best legal talent. bank, with one of these assignments in a number of important, often quite in- Beyond having the right caliber of New Jersey.” novative ways. legal representation for clients, execu- One could thus make a case that the While the economy has pushed tives at the large New Jersey law firms sub-prime mess, while unquestionably some law firms to focus more keenly contacted for this roundup cited the hurtful to the economy as a whole, can on certain specialties, they must also, importance of administrative efficien- represent a feast – as well as a famine among other things, be prepared to cy in keeping their organizations com- – for some law firms. Glenn A. Clark, be cost competitive. Many corporate petitive. Partners who lead practice a managing partner in Morristown clients now send out both “Requests groups at these firms must not only be with Riker, Danzig, Scherer, Hyland & For Qualifications” and “Requests For superior lawyers, but first rate manag- Perretti, LLP (offices in Morristown, Proposals” to firms that seek their legal ers, as well. Trenton, Manhattan and London), ad- trade, requests aimed at getting firms dresses this perception by noting that to compete for the business on price as Meeting Client Needs though 2007 was a down year for some well as abilities. All businesses are affected in one way or law firms in the state, “we had our sec- The desires of corporate clients to- another by economic ups and downs. ond best year ever and a very good day are not only more demanding – Anthony J. Marchetta, a member of fourth quarter. If you did transaction they seem almost contradictory. While the executive committee at Day Pitney, work with sub-prime, you’re laying off wanting their firms to have a larger LLP (offices in Florham Park and four now. The litigation end of sub-prime, geographical footprint, clients may other locales), remarks, “Such upheav- however, is gearing up for growth, and still expect the kind of personal service als affect the kinds of work that comes we have a strong history with banking usually associated with smaller, local to law firms. Some practices benefit, litigation.” law practices. While expecting easier some are hurt. The ability of many leading law access to their attorneys through costly “The sub-prime mess,” he con- firms to weather any economic envi- electronic devices, they also push for tinues, “hurt our real estate practice ronment might be due to factors such caps on their legal billing. because big developers can’t get the as greater specialization or spreading a Meanwhile, getting the best legal money they need to do their projects. wider practice net. One thing that’s set talent, either recent law school gradu- Financial services and litigation work, apart his own firm, according Patrick C. ates or via lateral pick-ups from other on the other hand, saw an increase ... Dunican, Jr. , chairman and manag- firms, has become a significant chal- Upheavals affect different practices in ing director at Gibbons, P .C. (offic- lenge often noted by law firm execu- different ways.” es in Newark, Trenton, Manhattan, tives. Competition for such talent not A more specific example of the ef- Philadelphia and Delaware), is that only involves salaries, but a host of in- fects of the recent economic downturn “Gibbons has differentiated itself from tangibles in a profession where long on legal work in New Jersey was offered other firms by formally adopting a