Florida Legal Market Overview
A Brief Overview of Florida’s Legal Market
When one thinks of Big Law firms, places like New York, Los Angeles, or Washington D.C. usually come to mind. However, Florida ranks 11th on The American Lawyer’s list of the highest-grossing law firms in the United States by revenue with four firms ranked in the top 200 firms for 2018.
With its mix of retirement population, continuously growing economy, and major tourist destinations it is no secret that business has flourished within its borders. Major cities like Tampa, Miami, Orlando, and Jacksonville are all situated in the state, each boasting a unique business niche that has contributed to keeping many of these firms in the black.
The state has seen significant economic growth over the last several years . The hurricane season has presented a booming market for insurance firms and real estate agencies, and the state’s more remote regions (such as the Panhandle) have attracted the attention of business looking for more affordable real estate opportunities.
The area also boasts one of the fastest growing populations in the country. There are now more than 19 million residents, pushing the state into the third most populous position. Several factors have contributed to this growth, with many younger citizens moving to the state in search of jobs and warmer weather making the southern climate attractive to winter travelers.
Florida’s legal market is extremely competitive and there are a multitude of firms that have established a base of operations here which has created an extensive database for employers, and those looking to get their foot in the door.
Florida Big Law Firms to Know
The landscape of Big Law firms operating in Florida is rich and varied, with many distinguished legal powerhouses. Each firm carries a unique history, boasts a range of specialties, and has great legal minds at work.
Sidley Austin LLP is an internationally recognized law firm founded in 1866 in Chicago, Illinois. Sidley’s Florida office is located in Miami and specializes in anti-corruption compliance and investigations, banking and financial services, bankruptcy and restructuring, energy, environmental, health care, intellectual property, international law, labor and employment, litigation, securities, and tax law. One notable case the firm worked on was In re AgFeed USA, LLC. Sidley represented ERP Environmental Fund (NSSF) as the stalking horse bidder for the assets of a bankrupt hog producer in Iowa and Oregon. The court approved the sale to NSSF after a bidding process. Sidley’s team negotiated a takeover from creditors to prevent the company from falling into the hands of a less responsible owner.
Greenberg Traurig is among the first cross-disciplinary law firms that have adapted to the post-recessionary environment and whose presence stretches across the United States, Europe, Asia, and Latin America. GT Miami was made up of 264 lawyers focusing on litigation and dispute resolution, real estate, and corporate law as of September 2018. One such transaction GT worked on is the sale of Pennant Park Floating Rate Capital Ltd of Atlanta to EJF Capital based in Arlington for $200 million as reported in the 8th of May of 2018 by Reuters.
Baker McKenzie is a highly regarded international law firm begining its life in the year 1949. The Baker McKenzie Miami office location houses over 100 lawyers serving a variety of industries throughout the Americas, Europe, the Middle East and Africa. As of September 2018, Baker McKenzie’s Miami office had 103 lawyers and 207 support staff. Baker McKenzie represented the purchaser of the Pollo Tropical subsidiary of Carrols Restaurant Group in the amount of $99 million as revealed in a press release published on the 12th of February 2018. This merger, where the seller owned and operated 28 Pollo Tropical restaurants in South Florida with about $40 million in annual sales, demonstrates the firm’s ability to lead deals with values above $100 million.
What Does a Florida Big Law Firm Offer
Big law firms in Florida offer a wide range of services across many different practice areas. Some common services offered include corporate law, real estate, intellectual property, litigation, and well as estate planning and family law. Corporate law departments offer services such as formation of corporations, non-profits and other types of legal entities, corporate governance, and spin-off and merger services. Real estate law practice groups can assist with purchases and sales, commercial lease transactions, title examinations, and property tax matters. Intellectual Property departments typically offer patent application assistance and European patent filing services. Litigation groups represent clients in business-related disputes. Employee-related claims, shareholder disputes, and securities fraud cases are part of the scope of litigation practice area. While not often identified as a common practice area, family law groups also represent clients in taking estates and trusts to probate and represent clients in divorce actions.
Impact of Big Law Firms on the Florida Economy
The presence of big law firms in Florida generates considerable economic benefits. Most notably, these firms create thousands of highly skilled jobs across the state, ranging from young associates to experienced partners. It is also important to note that the growth of big law firms fosters employment opportunities for other professionals like legal secretaries, paralegals, legal assistants, accountants, IT specialists, marketing professionals, and office support staff. It is estimated that large legal firms employ more than 20,000 people across the state of Florida, making them the 7th largest employees of legal professionals nationwide.
The economic impact of big law firms in Florida extends beyond the direct employment they provide. Big law firms contribute to the local economy by purchasing goods and services from florists, restaurants, dry cleaners, tech support service providers, and other local businesses, thereby making a substantial economic impact on their local communities. They also believe in giving back to their communities through charitable endeavors, and they often partner with nonprofit organizations on local initiatives like pro bono work and community service projects to help people and groups in need.
The bottom line is that big law firms have an enormous positive impact on local communities in the state of Florida.
Future Trends of Big Law in Florida
The trends affecting Big Law in Florida at present are largely focused on the opportunities and challenges posed by technology. In a rapidly evolving tech landscape, firms are under pressure to adapt their business models and legal service delivery in order to remain competitive in the marketplace. The growing trend of utilizing online and cloud-based platforms in order to deliver legal services more efficiently has proven successful for many of their competitors. In an effort to keep pace, many large firms are investing in technology in an attempt to streamline their processes and increase productivity.
The changing regulatory landscape is another area that poses both opportunities and challenges for large firms operating in The Sunshine State. With complex transnational issues on the rise, particularly in the area of cyber law and the cannabis industry , firms are striving to build out their capacities in order to meet increased client demand for specialized services. As Florida continues to grow as a preferred destination for foreign investment, it presents more and more opportunities for large Florida firms to service complex international transactions.
Moving forward in the era after COVID-19, large firms have shifted focus to find ways in which to optimize their remote working setups. Many firms have begun utilizing web-based tools and visual platforms in order to communicate with their clients, add benefits for their employees, and host virtual events for networking and practice development. In the wake of the pandemic, many clients and producers now remain unwilling to conduct meetings in person. The current trends affecting large firms are largely based on their need to pivot and adapt to this new landscape.
Big Law Issues in Florida
Competition is a constant challenge for big law firms in Florida, as they compete not only with each other but also with regional and national firms that seek to establish a presence in the state. This competition can be particularly intense in practice areas such as litigation and corporate law, where clients often have a wide range of options to choose from.
Another challenge is maintaining a highly skilled workforce. Big law firms typically have high expectations for their attorneys, and attracting and retaining top talent can be difficult, particularly in a competitive market for legal services. Attorneys may leave for greener pastures or smaller firms that offer a better work-life balance or more opportunities for growth and advancement.
Navigating the complexities of meeting diverse client needs can also be a challenge. Florida’s economy includes a diverse range of industries, from tourism and hospitality to aerospace and technology. A big law firm must be able to meet the legal needs of clients in all of these industries, and this requires having a deep understanding of the specific issues and challenges facing each industry.
Furthermore, big law firms in Florida must navigate the unique regulatory environment of the state. Florida has a complex system of laws and regulations that govern many aspects of business operations, and a big law firm must be familiar with these rules in order to provide effective legal counsel to clients.
Finally, big law firms in Florida, like those elsewhere, must contend with the impact of technology on the legal profession. Technology is transforming the way legal services are delivered, and a big law firm must be able to adapt to these changes and leverage technology to provide better and more efficient services to clients.
Finding the Best Law Firm in Florida
Evaluating Expertise: Selecting the right Big Law Firm in Florida requires an assessment of the firm’s capabilities in the specific practice areas that will protect your business. Each large firm may have strengths and weaknesses within various practice areas. You should find out what percentage of the firm’s work is done in the areas that are relevant to your business or potential litigation.
Reputation: This can be a difficult topic because there are many factors to consider. Every large law firm has a marketing department that works diligently to create a positive image. Often , large law firms hire a large number of inexperienced attorneys who will work on your case with little guidance from seasoned partners. The fact is that larger law firms are usually risk-averse. Because bigger firms have exposure to a large number of clients every year, they do not take risks. On the other hand, many smaller firms have developed reputations for success and are willing to take risks.
Client Service: The level of client service at large law firms can drastically differ from firm to firm. Some large firms operate like an insurance company; they employ a lot of associates who have never been to court. Their associates are scared to make errors because by doing so, it could jeopardize a firm-wide client relationship.