In the legal field, it’s often taken for granted that sizable Biglaw firms dominate the industry, influencing even the reach and structure of attorney compensation and bonuses. However, there’s another contender on the rise: boutique firms. As these smaller, more specialized entities begin to establish their significance in the legal marketplace, attorneys may benefit from looking more closely at these firms when considering career paths.
I recently conversed with Ken Frenchman, managing partner of Cohen Ziffer Frenchman & McKenna, about the rise of boutique firms. Frenchman, who guided his boutique firm from its infancy, had much insight into how his firm and others vie with Biglaw on various fronts, including compensation, corporate culture, and hands-on experience for its employees.
Contrary to assumed norms, Cohen Ziffer Frenchman & McKenna, despite being a few years old, competes closely with Biglaw in terms of bonus structures. The structure of a boutique firm allows them to make these relative financial advances. Frenchman explains that investments like these are made with the firm’s future in mind. They believe that to be in line or ahead of top firms, recruitment of top-level associates is non-negotiable. Plus, success in their specialty of insurance recovery cases has proven lucrative, rewarding the firm and fostering an environment where the firm and its clients thrive together.
Frenchman also emphasizes the importance of the hiring process in shaping the culture and future of the firm. Hiring energetic, enthusiastic, intelligent, and diligent lawyers not only defines the capability of the firm, it also contributes to its favorable work environment. In addition, they prioritize diversity, believing it to be vital for the firm’s growth and the quality of their services.
When compared to Biglaw, one of the key benefits that boutique firms offer is the chance to engage in high-level work at an earlier stage in an attorney’s career. This could include early depositions, trial experience, direct client contact, and close work with firm partners. The structure of boutique firms also means associates are not lost in the crowd. There is a greater emphasis on the quality of work over billable hours. The firm emphasizes respect towards its employees’ work-life balance and personal time, while also focusing on how associates develop in their roles.
As for legal specializations, Frenchman believes that it could be found in a myriad of ways. Boutique firms like theirs could quickly shape lawyers into specialists, or they may find their niche in Biglaw. His own journey in insurance recovery, which started with partnerships formed in a larger firm, ultimately led to the establishment of his specialized firm. The key takeaway is that it’s vital to be in tune with your team, enjoy your work, and let the journey progress naturally.
All in all, choosing a boutique firm may very well be the best decision an attorney could make, whether it’s for a specialisation or simply an environment that values their development over billable hours. Ken Frenchman and his firm are making strides in demonstrating just why this is the case.
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