As we head into 2015, our major law firms are by and large optimistic with respect to their revenue and profitability, and eager to take opportunistic gambles on lateral talent as well as ventures into new markets. This optimism is tempered however with the still-fresh memories of the brutal financial crisis of 2008 and the unprecedented law firm layoffs that followed, coupled with heightened sensitivity to the reality of the ongoing avalanche of major law firm collapses at a rate of one every year-and-a-half since the year 2000.
As such, while law firm managers are eager to grow strategically, they do so with heightened due diligence and caution; no firm wants to be the next Bingham McCutcheon, Dewey & LeBouef, Howrey, Heller Ehrman, Wolf Block, McKee Nelson, Thacher Profit, Thelen, Dreier or Brobeck. Similarly, no attorney wants to be on board the next Titanic as it starts to sink.
As we enter our fifteenth year in business, Hanover Legal remains constantly vigilant of the health of our major law firms both financially and culturally and prepared to assist our finest attorneys in their efforts to secure spots at those most likely to provide enhanced stability as well as financial and cultural well-being to them going forward, and reciprocally to our finest firms in the increasingly fierce competition for top talent on the lateral attorney market.
We wish all our firm and attorney clients a healthy, happy and prosperous 2015!