Drawing from the corporate-friendly tax scheme, the budding position as a venture capital investment hub, and a flourishing legal marijuana business, Denver is proving increasingly appealing to large law firms. In 2022 alone, there was an 8% rise in attorney headcount at NLJ 500 firms in the Metro Denver area, culminating in 2,310 lawyers. Furthermore, since 2018, the quantity of attorneys at NLJ 500 firms in Denver has increased by 13%. This spike is primarily due to the continuous expansion and growth of companies originally from outside the region. According to Law.com Compass, the trend reveals promising opportunity for the Big Law industry.
Further statistical analysis shows that since 2018, the total headcount soared by 26% across firms that newly entered the Denver market. After recording modest growth in 2021, attorney headcount in Denver’s NLJ 500-size law firms bounced back with an overall 8% increase in 2022. At the same time, those law firms headquartered in Denver witnessed a 4% growth in headcount in 2022, enforcing a three-year growth trend reaching 7%.
Examining this market transformation from a broader perspective, it is clear that the mix of an enterprise-friendly taxation system, a burgeoning venture capital space, and the maturing legal marijuana industry makes Denver an attractive destination for some of the world’s largest law firms. The city’s dynamic growth in attorney headcount showcases the strength of these business potentials and establishes Denver as a promising territory for further Big Law expansion possibilities.