How Smaller Firms Like NY's Otterbourg Compete in a Supersized Market
Richard Stehl, the chairman of Otterbourg, a 50-attorney law firm, speaks to the New York Law Journal about the advantages and challenges of being a smaller law firm in a city where everything is supersized.
July 06, 2018 at 10:02 AM
2 minute read
The original version of this story was published on Pro Mid-Market
Q: How big is your firm, where is it located and what are its primary areas of practice and focus? Q: Please explain your firm's governance structure and compensation model. Q: What do you view as the two biggest opportunities for your firm, and what are the two biggest threats? Q: After the recession hit, the prevailing theory was that midsize firms would start to see more work come their way from large clients who could no longer justify paying Big Law rates. What has been your experience? Q: Are your clients pushing for more alternative fee arrangements, and if so, what types? Is your firm amenable to those requests? Q: There is much debate around how law firms can foster the next generation of legal talent. What advantages and disadvantages do midsize firms have in attracting and retaining young lawyers, particularly millennials? Q: 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? Q: What, if any, technology advancements have you made in your firm in recent years? What are the challenges in implementing tech changes? Q: What would you say is the most innovative thing your firm has done recently, whether it be internal operations, how you work with clients, etc.? Q: 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?
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