New Year, Same Old Pressures for Smaller Law Firms
The ongoing consolidation trend in the legal industry has already helped shutter several small law firms in 2018, as partners take their practices to large and midsized shops.
January 12, 2018 at 05:17 PM
4 minute read
The pace of small firm acquisitions and dissolutions in New York hasn't shown any sign of slowing down since the new year. Already in 2018, several small firms closed when their partners joined larger firms.
In one of the latest, Marino Partners, a six-attorney firm in White Plains that handled lower to middle market deals, is winding down after its founding partner and two other attorneys headed to 24-attorney Sadis Goldberg in midtown Manhattan.
Also this month, 16 attorneys at Eaton & Van Winkle, motivated to become part of a larger firm with complementary practice areas and more rate flexibility, announced they would join in February Baltimore-born Offit Kurman, with about 140 attorneys.
Meanwhile, the founder of insurance litigation boutique Vocke Law Group, with offices in Stamford, Connecticut, New York, and Chicago, and two other Vocke lawyers joined 650-attorney Duane Morris, announcing their practices would benefit from a broader geographic reach. The Vocke firm was led by Damon Vocke, the former general counsel of Berkshire Hathaway Inc. reinsurance subsidiary General Re Corp.
In all three cases, the moves amount to the shuttering of a small firm, as some of their partners found greater security or the potential for expansion with a larger platform.
“You get to the point where you run a smaller practice and you want to be able to service your clients better, you want to be able to look at larger transactions … and the only way you can do that is by growing your footprint and base,” said Paul Marino, who founded Marino Partners 12 years ago. He joined Sadis Goldberg as a partner this month, along with counsel Robert Cromwell and associate Nick Federici.
Michael Blanchard, a New York law firm management consultant and partner at GLC Law Firm Consulting Group, said roughly three-quarters of the firms he is working with are trying to address whether they should merge with a firm of equal size or get “rolled up” into a larger firm.
As the lawyer population ages and senior partners face retirement, the pace of small firm consolidation is picking up, he said. “A lot of the smaller firms are built around very few key partners, from a business development client standpoint,” he said. “There are existing threats to their firm that they are not in a position to correct without the assistance of a bigger firm.”
Marino, 44, said his move “wasn't based out of necessity.” The Marino firm, which had up to 12 attorneys at one time, had recently worked on deals involving litigation funder LawCash and entertainment listing business West World Media.
Still, he said at Sadis Goldberg, “I'm able to have more touch points” for client services, adding his prior firm didn't have litigation or tax counsel. “It really comes down to how you're going to service your clients,” he said. “It's harder at a smaller firm to capture and to provide the amount of services to truly service a client well.”
Sadis Goldberg's practices include financial services, real estate, regulatory defense, litigation, tax and estate planning, among other areas. Its financial services group, which the three Marino attorneys joined, represents many investment advisers and related investment entities, including hedge funds, private equity funds, venture capital funds and real estate funds.
Two other attorneys who were practicing at Marino Partners, George Kontogiannis and Alexandra Lyras, now practice at Kontogiannis PC.
Marino said he knew the Sadis Goldberg lawyers well after having worked with them on deals together in the last decade. “To be able to find a group of like-minded individuals was huge for me,” he said.
The firm is led by Jeff Goldberg, Douglas Hirsch, Ron Geffner and Yehuda Braunstein. Marino declined to specify the value of his practice moving to Sadis Goldberg, but said almost all of his prior firm's clients are joining him.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllAI and Social Media Fakes: Are You Protecting Your Brand?
Sullivan & Cromwell Signals 5-Day RTO Expectation as Law Firms Remain Split on Optimal Attendance
Changes at the Top: How 'Different Leadership Skills' Are Prevailing in Big Law
Trending Stories
- 1Am Law 200 Firms Announce Wave of D.C. Hires in White-Collar, Antitrust, Litigation Practices
- 2K&L Gates Files String of Suits Against Electronics Manufacturer's Competitors, Brightness Misrepresentations
- 3'Better of the Split': District Judge Weighs Circuit Divide in Considering Who Pays Decades-Old Medical Bill
- 4Which Georgia Courts Are Closed Today?—Here's a List
- 5After DEI Rollbacks, Employment Lawyers See Potential For Targeting Corporate Commitment to Equality
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.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250