As BigLaw Struggles to Provide Value, Lobbying Firms Are In the Money
Although BigLaw firms in Washington, D.C., weren’t as hard-hit by the economic downturn as New York counterparts focused on banking and financial matters, many are still struggling to find solid ground for future growth.
Covington & Burling has done relatively well, with a slight increase in its attorney roster despite the global economic difficulties of recent years. Nonethless, “there’s a fundamental uncertainty about how clients are going to use law firms going forward; the mind-set has changed,” Timothy Hester, who chairs the firm’s management committee, tells the Capital Business blog of the Washington Post.
He also says that the firm, which is particularly known for its regulatory work, is now focused with “acute sensitivity” on cost management, in response to the pressure for value from corporate clients that BigLaw firms reportedly have routinely experienced in recent years. There is also increased emphasis on building strong client relationships.
Meanwhile, at a few lucky law firms with a lobbying focus, business is booming, the newspaper reports.
Patton Boggs is routinely at the top of the revenue list in this area, and Kevin O’Neill, who serves as deputy chairman of the firm’s public policy practice group, says the recession has actually increased its lobbying business.
Also doing well in the lobbying arena in recent years is K&L Gates. “One of my clients said, ‘If you’re not at the table, you may be on the menu,’ ” recounts practice leader Bruce Heiman.
Related coverage:
ABAJournal.com: “Legal Fees Still Too Fat, Corp Counsel Say; 1 Firm Works 3 Months for Free”
