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Storming the Barricade: Break in and Succeed in New York’s Legal Market.

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Presentation on theme: "Storming the Barricade: Break in and Succeed in New York’s Legal Market."— Presentation transcript:

1 Storming the Barricade: Break in and Succeed in New York’s Legal Market

2 Storming the Barricade: Break in and Succeed in New York’s Legal Market February 2, 2010 Ellen Auwarter Roger Cohen

3 Your presenters: Ellen Auwarter and Roger Cohen Principals Deep bench in law firm and professional services More than 40 years combined experience autoKthonous/IVS/BrightTALK3

4 Roger J. Cohen autoKthonous/IVS/BrightTALK 4 Business marketer and communicator who for more than three decades has achieved successful results in law, consulting, journalism, government and politics. White & Case LLP: global marketing and communications Consultant to companies facing public opinion and issue management crises Port Authority of NY & NJ: Policy official, business planner and communicator Pulitzer-nominated journalist at the Bergen Record

5 Ellen C. Auwarter autoKthonous/IVS/BrightTALK5 Marketing, business development and communications executive working with professional services firms for more than 20 years. Lovells LLP’s New York office Patterson Belknap Webb & Tyler LLP Deloitte & Touche LLP’s national banking and finance industry practice New York New Media Association Practiced litigation and employment law

6 Our firm So, what’s with that name? Authochthonous – Native to the place where found; indigenous autoKthonous Market Solutions – Unique, game-changing solutions to client-specific market challenges – Opportunities based on strategic situational analysis autoKthonous/IVS/BrightTALK6

7 Why New York? New York — most lucrative and difficult market Failed attempts by top-tier firms to become more than a mere outpost or blip on the radar New opportunities for enterprising “out-of-towners“ to secure market share autoKthonous/IVS/BrightTALK7

8 Why New York? (cont’d) No red carpet Expect significant up-front investment War for talent with more players Fewer mid-size acquisition targets autoKthonous/IVS/BrightTALK8

9 Why New York? (cont’d) New York presence gives worldwide credibility Overseas clients stop in New York first, and your clients may already be there Epicenter of global finance Beehive of legal and commercial activity, people and ideas autoKthonous/IVS/BrightTALK9

10 Why New York NOW? “[T]he legal profession seems likely to undergo the most profound structural changes. For the first time … the corporate legal departments that hire law firms are under great budgetary pressure, and are thus demanding much better value from them.” [Jan 21, 2010] autoKthonous/IVS/BrightTALK10

11 “The Death of Big Law” L. Ribstein, University of Illinois College of Law Outburst of experimentation Billable hour in doubt – 730 730 autoKthonous/IVS/BrightTALK11

12 From challenge to opportunity Top-tier talent may be available as large firms adopt a “bigger is best” business model Smaller, more nimble, firms can offer: – Lower rates – Fee flexibility – Freedom from conflicts – Challenging matters for great clients autoKthonous/IVS/BrightTALK12

13 From theory to practice Two prominent entrants into the New York market – Latham & Watkins – Clifford Chance Principles of success Lessons learned autoKthonous/IVS/BrightTALK13

14 Contrasting trajectories New York Office attorney headcounts

15 Success principles Play to your strengths – Latham – top-tier PE and high-yield – Greenberg Traurig – middle-market in real estate, entertainment, start-ups – Sonnenschein – also middle-market, added finance, banking and litigation autoKthonous/IVS/BrightTALK15

16 Success principles (cont’d) Have a long-term vision – Reed Smith – from six to 130 – Dechert – global ambitions, New York growth – Haynes and Boone – quiet opening, poised for expansion autoKthonous/IVS/BrightTALK16

17 Success principles (cont’d) Bring clients or buy them – Latham – client Michael Milken brought Drexel – Dechert – acquired Hays & Landsman and client Getty Oil – Baker Botts – absorbed Shea & Gould spinoff and obtained Liberty Media autoKthonous/IVS/BrightTALK17

18 Success principles (cont’d) Minimal conflicts = maximum referrals + laterals – Quinn Emanuel – Bois Schiller – McKool Smith – Allegaert, Berger & Vogel autoKthonous/IVS/BrightTALK18

19 Success principles (cont’d) Strategic hires/laterals – Bracewell chairman met Giuliani @ RNC – Linklaters – Larry Byrne and a dozen White & Case litigators – Jenner & Block – Richard Ziegler, GC of 3M Corp., previously Cleary, and other top-tier talent autoKthonous/IVS/BrightTALK19

20 Success principles (cont’d) Market and communicate proactively – Identify and spotlight core strengths (practices, people) – Promote successes and why they are important – Focus on client work – Leverage media – Use campaign approach autoKthonous/IVS/BrightTALK20

21 Pitfalls, sand traps and potholes Culture clashes – CC/Rogers & Wells Outsize ambitions – Heller Ehrman The sacrosanct hourly rate – Firms slow to accept this as opportunity autoKthonous/IVS/BrightTALK21

22 A New York success story Texas firm highly regarded for courtroom excellence in commercial litigation and IP No New York presence until opening with one lawyer in 2007 Built reputation on winning more major top-100 jury verdicts than any other firm in the country autoKthonous/IVS/BrightTALK22

23 A New York success story Long-term vision and strategic focus: – Not to become a behemoth, but to “punch well above its weight” – Focus on practices key to New York market – patent and trademark litigation, white collar, financial institution and commercial litigation and bankruptcy – Leverage national success to amplify New York presence autoKthonous/IVS/BrightTALK23

24 A New York success story Minimal conflicts Attract top-tier laterals from leading firms “Culture of managed risk” autoKthonous/IVS/BrightTALK24

25 A New York success story Robust, proactive marketing Communications campaign built around core strengths and firm’s notable work Leverage rich network Build media relationships Communicate across platforms autoKthonous/IVS/BrightTALK25

26 A New York success story Results: accelerating momentum More than 20 lawyers, continuing expansion Added new practices, white collar and bankruptcy, based in New York Investment of key principals’ time New office space autoKthonous/IVS/BrightTALK26

27 The list goes on… Chapman and Cutler (Chicago) – Started NY office with one attorney, now nine Rawle & Henderson (Philadelphia) – Started with six, now 21 autoKthonous/IVS/BrightTALK27

28 …And on… Robins Kaplan Nabs Three From Lovells, Opens NYC Office Robins, Kaplan, Miller & Ciresi, the ultra-profitable Minneapolis-based firm, has lured three lawyers from Lovells and will set up shop in New York City for the first time, according to sources familiar with the matter. The new arrivals will officially join Robins Kaplan Friday. [AmLaw Daily, Jan 28, 2010] Robins, Kaplan, Miller & CiresiLovells autoKthonous/IVS/BrightTALK28

29 …And on… “…the litigation-heavy firm has been looking to move into New York after building up strong relationships with New York-based corporate clients.” – /01/lovellsrobins.html /01/lovellsrobins.html autoKthonous/IVS/BrightTALK29

30 Lessons learned Realistic playing field Long-term vision Conflict minimization Strategic laterals Client acquisition, retention and expansion Market core strengths Campaign communications autoKthonous/IVS/BrightTALK30

31 Are you ready? Any questions?

32 Contact information Roger J. Cohen – 973-632-4694 – Ellen C. Auwarter – 646-382-6938 – autoKthonous/IVS/BrightTALK32

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