Polsinelli’s recent acquisition of 47 lawyers from Holland & Knight signals a competitive edge against major Big Law firms as it aggressively expands beyond its Kansas City, Missouri, origins. The mass hire, the largest in the firm’s history, marks Polsinelli’s entry into Philadelphia, its third new market in a year that already saw expansions into Fort Worth, Texas, and Park City, Utah.
The firm’s vigorous growth trajectory, highlighted by its rise to near top 50 firms by revenue from No. 113 in fiscal 2012, has made it an attractive destination for legal talent. The move was facilitated by legal recruiter Gary Miles, who attributed the successful transition to Polsinelli’s “rocket ship” growth and consistent practice expansion.
Firm CEO Chase Simmons expressed optimism for the future, projecting a record performance in 2024 and stating, “This will set us up for a great year next year as well.” Over the past decade, Polsinelli’s revenue surged nearly 165% to $856 million in 2023, and average equity partner profits rose 178% to $1.9 million, according to American Lawyer data.
The strategic departure from a “Missouri-centric” compensation model five years ago allowed Polsinelli to offer competitive salaries in coastal markets, facilitating this significant Holland & Knight hire. Simmons noted that the firm’s strategy ensured that new hires were well compensated and integrated into the firm’s overall strategic direction.
The firm’s growth has also mirrored an industry-wide trend of increasing non-equity partners, providing flexibility in compensating top performers. In 2022, Polsinelli had 415 non-equity partners, a 65% rise over the past decade, significantly outpacing the growth of its equity partner headcount.
Philadelphia-based shareholder John Martini led the integration of the new hires, who are spread across major cities like Philadelphia, Los Angeles, Miami, Chicago, and New York. The group’s pre-existing client relationships and synergies are expected to simplify the integration process, according to Divya Bala, founder of Avance Partner Search.
The group’s immediate involvement in active cases, such as a lawsuit brought by the Equal Employment Opportunity Commission on behalf of Tesla Inc., underscores the operational continuity intended by this large hire.
As Polsinelli continues its ascent, leadership remains focused on fostering a growth mindset and nurturing entrepreneurial spirit amongst its attorneys. Simmons emphasized maintaining close connections with high performers, ensuring they feel integrated and empowered within the firm’s ecosystem.