In a comprehensive three-part series titled “People, Places & Profits,” the focus shifts towards examining the geographic decisions of the Am Law 200 legal firms. As part two outlines, the research dives deeper into the domestic markets where these top law firms are expanding their operations.
The initial part of the series scrutinised partner hires, the ongoing shift in the leverage model, and introduced the Professional Staff per Lawyer (PSPL) metric. As discussed earlier, New York and Washington, D.C., emerged as the most active markets for Am Law 200 partner hires in 2022.
However, the apprehensions around back-to-office mandates and guidelines did not deter the firms from venturing into new terrain. December 2022 saw Houston slightly outperforming Miami in terms of law firm office openings. Interestingly, if one clusters Miami and Fort Lauderdale into one expansive market, southeast Florida secures the top spot.
The concentrated growth of law firms paints a fascinating picture of interest within specific cities. These emerging trends not only impact the local law markets but also contribute to driving the future direction of the legal industry across the nation.