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Monday, April 27, 2009
Indiana Law - "Midwest's Midsize Law Firms Faring Better Than Large Urban Rivals"
This article by Lynne Marek and Tresa Baldas in today's issue of The National Law Journal mentions two Indianapolis firms - here are some quotes:
Barnes & Thornburg and Ice Miller, both firms based in Indiana, have also evaded the need to chop their work forces and are bringing on new associates this fall, unlike some larger firms that are delaying start dates."We haven't [cut lawyers] because we don't need to," said Byron Myers, the chief managing partner at Ice Miller. "The business climate is a bit different here than New York, Los Angeles and Chicago."
The midsize firms in the Midwest were more conservative about bringing in associates in recent years, said David Van Zandt, the dean of Northwestern University School of Law.
The big firms, which have been increasing the size of their classes by 10 percent annually during the past few years, "weren't planning well," Van Zandt said.
Ice Miller also has eight associates coming in September, down slightly in number from last year. The firm's 10-week summer program for 12 associates was reduced from 11 weeks but is still longer than at many firms this year. Litigation, labor and employment, and intellectual property matters have kept Ice Miller's 250 lawyers busy despite flagging transactional work, Myers said.
Barnes & Thornburg, which has about 460 lawyers, has taken the downturn as an opportunity to expand significantly, adding offices in Atlanta and Columbus, Ohio, this month. The firm will still bring on 12 new associates in the fall, down from 15 last year, said Alan Levin, Barnes & Thornburg's managing partner. "It's a funny environment now with all the stuff that's happening, and we're trying to take advantage of it," he said.
The Midwest firms also say they've more conservatively managed their costs, avoiding overhead in expensive cities and the fast-paced ramp-up in attorneys and offices that have overloaded some firms up with debt. While Barnes & Thornburg may be expanding its footprint with new U.S. offices, it isn't spending money on expensive overseas outposts, Levin said. Ice Miller's Myers said his firm "carries no debt."
Posted by Marcia Oddi on April 27, 2009 10:50 AM
Posted to Indiana Law