The presence of ‘Big Law’ firms in North Carolina’s capital city, Raleigh, has been negligible, despite the ample opportunities presented by its university-fueled startup culture and ample transactions needing advice. This seems to be a result of the region’s startup enterprises prioritizing rate flexibility in their selection of legal counsel.
Jordan Abshire, founder and managing member of the Charlotte-based Abshire Legal Search, observed this trend first-hand. He noted that many firms have difficulty maintaining their businesses in the region due to the startup demand for flexible rates. Establishing longstanding clients among emerging companies in this dynamic market appears challenging when the standard partner charges are enforced.
For more in-depth information about Big Law’s influence on developing markets, this article provides a view on how Nelson Mullins forged ahead in Miami’s boom by means of a merger.
Further details about the Raleigh market and how startups prioritized rate flexibility can be found here.