26. Mid-Market Firms Were Always Best Placed to Meet the New Reality
Mid-Market Series Part 1 The mid-market miniseries alights on the position and future prospects of mid-market law firms. This series opener, focuses on the work itself, which clients bring to our industry, and assess the evolving responses from big law, midmarket and ALSPs.
March 29, 2024 at 11:43 AM
3 minute read
The original version of this story was published on Lean Adviser
Here at Lean Adviser, we try to offer analysis and thought-leadership on important and under-discussed topics. This mini-series alights on another, the position and future prospects of mid-market law firms.
Our interest in mid-market firms has been warmly reciprocated by them. It's hardly surprising that so many mid-market firms are taking an interest in lean law. Mid-market firms are inherently structured to operate efficiently, effectively and transparently, and so the lean law methods for achieving those goals are a natural fit.
In this series opener, we'll focus on the work itself, which clients bring to our industry, and assess the evolving responses from big law, midmarket and ALSPs. The next lesson looks at when big law comes to town and the battle at the lunch counter in mid-market territories. Then we'll look at mid-market talent, and finally we'll have a wrap-up lesson, where we tie it all together, add in technology and try to predict the future.
For as long as anyone can remember, until the new reality, this is how it used to be: Base level doc reviews, research and drafting were marinated within a pool of junior associates and paralegals. The work product would eventually bubble up to a partner, who would review and either adopt and modify, or send it back to the pool for another go-around. The hourly rate was king, and rates were based on tenure not task. Good for billable hours, not so great for value or client-service delivery.
Then, almost out of nowhere, clients started to have an opinion. They raised a topic which has been at the core of our purpose from the outset: What clients want. It turned out that they wanted efficiency, effectiveness, value and price predictability. As we know from Lean Adviser, the root of all these virtuous attributes lies in attorney methods and mindsets. Yes, technology plays a part, but this all starts at the fee-earner's desk. After all, technology is a lean tool, but so are you, the attorney.
Where our industry reacted first and fastest was among ALSPs and mid-market firms. ALSPs gained a quick foothold, but also a reputation as a resource — sometimes unfair — for quick and dirty output. Mid-market firms, on the other hand, promise higher quality standards than ALSPs and they are nimbler, more flexible and have lower overheads than big law. They were ideally situated to ride this wave. As we shall explore in the next lesson, soon enough mid-market firms began eating big law's lunch, and big law fought back.
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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