That could replace Manhattan as being the Promised Land for revenue and profit growth. Overall, the legal sector is flat.
In Abovethelaw.com, lawyer-journalist Kathryn Rubino analyzes this geographic strategy. Among the law firms playing it out are:
Quinn Emanuel - Adopts business model there of litigation-only. The assumption is that will prevent conflicts with transactional legal assignments.
Kirkland & Ellis - focus on private equity
DLA Piper - focus on private equity
Hogan Lovells -focus on life science business
Womble Bond Dickinson - expansion of IP practice.
The elephant in the room on this one is the high cost of living in Boston.
The law firms will have to pay Manhattan kind of fixed compensation and annual bonuses. In making a decision, where to accept a job, lawyers will have to factor this in. Do they want to be in the Manhattan squeeze of living in small space to hold a high-status job?
These firms might pick up added or new business from GE, which is relocating to Boston from Fairfield County, Connecticut. Also, there is a vibrant tech community. The elite academic institutions such as Harvard and MIT might also be a source of business development.
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