Waldman Barnett is a small Miami litigation boutique that takes on complex business cases, many rooted in real estate.

The law firm is accustomed to taking high-stakes cases to trial and reached a post-verdict settlement worth $21.6 million last year for the Aventura developer of Prive at Island Estates.

Managing partner Glen Waldman considers the firm's litigation record "unparalleled" for South Florida law firms.

The firm's small size allows its attorneys to "go to court, hone their skills and have significant client contact and involvement in strategic case decisions," Waldman said.

Firm: Waldman Barnett

Firm leader: Glen H. Waldman, managing partner

Head count: 7

Location: Miami

Practice areas: Commercial, business, real estate/development and anti-development related litigation nationwide in state and federal courts for both plaintiffs and defendants

Governance structure and compensation model: Firm is governed by the managing partner with base compensation less than bigger law firms. However, it has a dual bonus structure, one discretionary and the other based on the amount of business initiated by an individual attorney. This provides an opportunity for our attorneys to out-earn big firm lawyers year in and year out.

Do you offer alternative fee arrangements? Yes, but only for what we consider hybrid structures, not straight contingency matters. We also have significant fee rate flexibility owing to the size of the firm, its low overhead structure (with the exception of salaries) and significant profitability.

What do you view as the two biggest opportunities for your firm, and what are the two biggest threats? Our consistent success in the courtroom and in major matters (unparalleled, I believe, by any litigation department in South Florida) continues to enhance our reputation and provide us with further opportunities to be engaged for significant commercial matters both here in Florida and throughout the U.S. Also, the continued growth in Florida and our ability to be agile with a team that has been together for years, while providing superior service at below-market rates, makes us uniquely qualified to achieve high-quality results. Our biggest threats are trying to be something other than what we are and overextend with the work we take on, and health. If we avoid these pitfalls, we are extremely well-positioned.

The legal market is so competitive now — what trends do you see, and has anything, including alternative service providers, altered your approach? Is your chief competition other mid-market firms, or is your firm competing against big firms for the same work? We compete against both mid-market and big firms. We almost always win beauty contests against mid-market firms because of our results and rate structure. Our biggest challenge against the big firms is not our ability and results, which far outstrip any of the big firm litigation departments in Miami, but the perception by many general counsel that big firms remain the safe choice for them if things don't end well.

There is much debate around how law firms can foster the next generation of legal talent. What advantages and disadvantages do small and midsize firms have in attracting and retaining young lawyers, particularly millennials? Our advantage is the ability to provide lawyers a platform to actually perform as litigators — go to court, hone their skills and have significant client contact and involvement in strategic case decisions. Because of our two-level bonus structure, our attorneys can out-earn lawyers at big firms and build their own books of business. This is invaluable for their own careers, and so much harder to do at a big firm with its administrative and other demands.

Does your firm employ any nonlawyer professionals in high-level positions (e.g. COO, business development officer, chief strategy officer, etc.)? If so, why is it advantageous to have a nonlawyer in that role? If not, have you considered hiring any? No, keeping our firm at seven lawyers permits us to avoid the significant overhead associated with nonlawyer professionals and pour our revenue into the personnel we have, making everyone happy.   What would you say is the most innovative thing your firm has done recently, whether it be technology advancements, internal operations, how you work with clients, etc.? We have become more responsive to clients' desires for us to have "skin in the game" and have gone to more hybrid fee structures with a lower hourly rate and a kicker for success. If we represent the plaintiff, this is usually graduated based on the recovery.

Does your firm have a succession plan in place? If so, what challenges do you face in trying to execute that plan? If you don't currently have a plan, is it an issue your firm is thinking about? Our firm is young, and we do not have to consider such a situation at this time. We will likely revisit this in a few years as we get closer to our firm's 15-year anniversary.