Midsized Firms Face Growth Challenges

| The Legal Intelligencer

Flaster Greenberg's managing partner was quoted extensively in an article describing the growth challenges midsized law firms face in the wake of an economic downturn and how they achieve success without sacrificing what made them attractive from the get-go. According to Spirgel, “the key is knowing who you are and what you want to be.”

Spirgel indicated that Flaster Greenberg’s “growth objectives are to add people either through organic growth or through laterals to fill strategic needs and only strategic needs” and believes midsized law firms should be “doing more to promote their cultures and business models as selling points to potential laterals, particularly those who may have become disillusioned with life at a megafirm or who feel they’ve outgrown their small or solo practices.”

According to Spirgel, there is a “substantial number of attorneys at smaller firms that could really benefit from a multispecialty midsized platform and there are a bunch of lawyers at large law firms who should not be there” because their practices are not compatible with those firms’ national or global business models.

Rather than merging with a larger firm to achieve more work, Spirgel believes that midsized firms should be “focused on trying to mine more business from its existing client base” and that “your best source of work is your existing clients — doing more things or different things for them.”

Flaster Greenberg’s aim is to be viewed as a “very high quality regional firm that can do specialty work for big clients and handle larger work for middle-market clients.”

To read the full article, click here.  


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