Despite Economy, Some Open New Law Firms--and Thrive
Despite the struggling economy, lawyers are opening new firms—some voluntarily, and others as an alternative to unemployment.
In both cases, many of the fledgling law partnerships are doing well, reports the National Law Journal.
Business is booming for Jason Kohlmeyer, a Minnesota lawyer who opened a new criminal defense and family law firm in Mankato last year with Christopher Rosengren.
“I’m on track to have the best month I’ve had in nine years of practicing law,” he told the NLJ late last month, noting that the small firm had to hire a second staff member.
Litigation, criminal defense, family law and estate planning are all practice areas that are fairly recession-proof, the legal publication writes.
Plus, some cost-conscious corporations are looking to shift work from high-priced BigLaw firms to smaller competitors with lower billable rates, as discussed in previous ABAJournal.com posts.
Pastore Osterberg was founded in Stamford, Conn., in late December by former Dreier attorneys, after name partner Marc Dreier was accused of stealing some $380 million from pension funds and clients. The lawyers who set up the new shop figured it would put them in something of a holding pattern, while awaiting a soft landing at another major law firm, reports the NLJ.
But now they are finding that they like running the show, says partner Joseph Pastore III. Although they have had several offers to join national firms and create a Stamford office for them, the group is now leaning toward remaining independent.
In addition to finding plenty of work despite the struggling national economy, partners of many start-up law firms are also noting that current conditions can actually benefit a small business like theirs.
“It’s a fantastic time to buy used office furniture,” says Kohlmeyer.
Related material:
ABAJournal.com: “How to Start Your Own Law Firm: Just Do It, Successful Solo Says”
American Bar Association: “Resources—Start and Run a Law Firm”
ABAJournal.com: “Unable to Find Jobs, Law Grads Hang Out a Shingle “
ABAJournal.com: “Law Grads Advised to Market ‘Brand You’; What Will Blagojevich and Kilpatrick Do?”
