Boston Harbor and Financial District at sunset. Photo: Marcio Jose Bastos Silva/Shutterstock.com

Boston-based Prince Lobel Tye announced Wednesday it will combine with a fellow Beantown boutique next month, upping the strength of the homegrown firm in a market where Big Law has flocked in recent years.

Chu, Ring & Hazel, a boutique founded 25 years ago that works with startup clients, will combine forces with Prince Lobel on Jan. 1. The new firm, which will retain Prince Lobel's name and will combine its 85 attorneys with Chu, Ring & Hazel's eight lawyers, will operate at Prince Lobel's current office at One National Place.

The deal comes as multiple Big Law firms have planted flags in Boston in recent years, enticed by the city's strong financial and technology sector. Five years ago, there were 49 Am Law 200 firms with Boston offices; there are currently 64 Am Law 200 firms with an office in the Boston metro area, according to ALM Intelligence's Legal Compass, 53 of which are headquartered outside the the city.

Some newer additions to the Boston legal market include Kirkland & Ellis, which opened an office in the city in 2017, and Quinn Emanuel Urquhart & Sullivan, which opened an office with three IP litigators in 2018.

And Hogan Lovells, which merged with local litigation boutique Collora two and a half years ago, doubled down on its commitment to the city in August with a 15-year lease on a larger office space.

But midsize firms in the city have stood their ground against the influx of Big Law firms, largely by tapping into their longstanding histories in the area and by keeping their rates in line with what regional clients expect.

John Chu, founder and managing partner of Chu, Ring & Hazel, said in an interview that his firm had constantly received combination inquiries, including from Dentons and other Big Law firms seeking a way into the Boston market. But the decision to go with a midsize firm like Prince Lobel made the most sense to him given how his firm was conducting business.

"When the firm was formed 25 years ago, I purposefully designed it to focus on emerging growth companies—startups literally from the ground up, operating in their garage," he explained, noting that these companies often needed flexible fee arrangements and more modest pricing.

Chu began his legal career as an associate at Fried, Frank, Harris, Shriver & Jacobson and also practiced at McGarrahan & Heard, now part of Arent Fox, and Bingham McCutchen, now part of Morgan, Lewis & Bockius. He said the traditional law firm model—including highly paid associates and other expenses—wouldn't work for his clients and that ethos meshed well with Prince Lobel's culture and way of doing business.

"I get the sense our new firm will try to forge a new path in terms of rates, so potential clients don't decide to instead bring work in-house," Chu said. He added that the Boston legal market needed a new business model: while there will always be room for Big Law firms to do large deals, that doesn't always best serve mid-market clients—and that's where Prince Lobel will come in.

"It's important to keep rates in reason," he said. "There's a very clear value proposition there so that work doesn't go in-house or to automation."

Craig Tateronis, Prince Lobel's managing partner, did not immediately respond to requests for comment, but in a statement he praised Chu, Ring & Hazel's reputation and said the combination would add increased value to clients of both firms.

"This combination will leverage the strengths of two great firms, adding depth and breadth to the services and counsel we offer our clients," he said, adding the firms share a similar culture and vision.

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