Introduction to the New York City Legal Market
The legal industry in New York City is in constant flux, shaped by the ebb and flow of talent, resources, and demand. While large law firms have long held a dominant position in the city’s legal landscape, an extensive network of mid-size firms operates in the shadows, providing essential legal services to the many individuals and businesses that call the Big Apple home.
Mid-size law firms have been a fixture of New York City’s legal industry for decades. With fewer than 50 partners, these firms offer a robust suite of services to clients from diverse industries and public institutions. More importantly, mid-size law firms maintain the personal relationships that are critical to the growth and stability of business in the city .
New York City’s vibrant and multifaceted economy drives the demand for legal services of every kind. Mid-size law firms play a dynamic role in meeting the diverse legal needs of the global hub. They boast highly-skilled attorneys who have the experience and resources to deliver top-tier legal services at cost-effective rates.
Mid-size law firms in New York City serve clients across a broad spectrum of industries. These include finance, healthcare, construction, real estate, entertainment, technology, and beyond. As such, they have established themselves as a trusted part of the legal and business community in the area.
What Constitutes a Mid-Sized Law Firm?
Defining a mid-size law firm can be a bit tricky. There are no hard and fast rules applied across the board when defining a mid-size law firm. Something could be considered mid-size, and therefore fall outside of the range listed below. Characteristics that classify a law firm as a mid-size firm include (but aren’t limited to): An average of 3 to 14 partners in a mid-size firm puts them right in the middle when it comes to how many partners a firm has. Expanding the parameters to 2 to 35 partners fits mid-size firms into the US Bureau of Labor Statistics definition of a small business firm. The average number of attorneys in a mid-size law firm also depends on the size of the city that the firm is located in. For example, New York City has more of a range of attorneys cited (from 10 to 100), while a mid-size firm in Los Angeles was recorded as having 10 attorneys. Again, this information has to be taken across cities and states. As for the number of employees, a New York City mid-sized firm with 228 employees, was ranked as the 478th largest law firm in the world by The American Lawyer. In California, however, a mid-sized firm with only 80 employees ranked as the 119th largest law firm in the world. Small firms usually have fewer practice areas while larger firms are diversified and have many practice areas, but mid-size firms can specialize in as many practice areas as possible or choose to focus on just a few, depending on their goals and objectives. In New York City, for example, mid-size firms may control up to 680 attorneys while larger firms have 2,000 plus attorneys. The general range for mid-size law firm revenues is between $1 million to $100 million, according to ILM and the Legal Executive reviewed over 400 firms with an average revenue growth that was under 10% per year. The American Lawyer cites that the average revenue per person (RPP) was around $499,000, making them the 30th largest law firm in the world. Above that RPP rate, a mid-size firm Chicago-based law firm with 700 employees was cited as the 5th largest law firm in the world with $5 billion in revenue. While there are many more online databases and resources that cover the details of mid-size law firms, knowing what these numbers are to begin with will help you figure a good starting point for your research.
Benefits of a Mid-Size Firm
Clients often experience a range of benefits when engaging the services of mid-size firms. One of the most significant advantages is personalized, one-on-one service. Unlike many of the ‘big finishers’ who are preoccupied with building and maintaining their own corporate brands, hiring choices, and media attention, mid-size law firms are laser-focused on their clients’ well-being – literally putting their needs first. This translates into practicing law the way it’s meant to be – by doing right by the people and businesses they serve.
Mid-size law firms also have the ability to provide a high level of service across a broad spectrum of industries and markets by quickly adapting to their client’s needs. They can offer more personalized and flexible service options to meet the unique needs of their clients. Mid-sized firms are structured to provide premium service levels comparable to large firms, yet without the higher overhead associated with mega-firms. With fewer partners and lawyers involved in a case, costs are usually lower than larger law firms.
Being smaller, mid-size firms are adept at working proactively with clients to find creative solutions to their particular circumstances. For many mid-size attorneys, producing results for clients is their greatest reward. If you own or operate a small to mid-sized business, or are involved in a startup venture, your attorney will work closely with you to learn about your business, define your goals, then customize a set of legal strategies to help you achieve them.
The structures of mid-size firms enable them to be flexible, which means they can close gaps between client expectations and what services are available, and provide premium service levels at a lower rate than large firms. The benefit: more satisfied clients and a greater return on investment.
Most importantly, mid-size firms provide a wide range of experience and technology to help clients grow and protect their business interests.
Common Practice Areas
Mid-size law firms in New York City often boast a diverse portfolio of practice areas, each tailored to meet the specific needs of their clients. Some of the most commonly represented legal niches include corporate law, real estate, intellectual property, and litigation.
Corporate law is one of the most prominent practice areas for mid-size firms, ranging from contract negotiation to M&A and everything in between. Many of these firms have dedicated teams of corporate lawyers who specialize in securities, mergers, acquisitions, and other business-related legal services.
Another highly sought-after practice area is real estate law. Lawyers in this field typically specialize in commercial and residential real estate transactions, representing both buyers and sellers throughout the city. They often help clients navigate the complex process of purchasing or leasing a property while ensuring that their legal rights and interests are protected.
Intellectual property rights are also an important area for mid-size law firms. These firms often house lawyers with a background in technology and science, who can provide effective counsel on patent, trademark, and copyright matters. Many firms even have dedicated teams that focus solely on intellectual property law and licensing.
Finally, litigation is a critical practice area for mid-size law firms in New York City. Corporate disputes, labor and employment issues, and personal injury claims are just a few of the areas where litigation lawyers tend to focus their expertise. These firms may represent clients in federal and state courts, as well as in arbitration and other alternative dispute resolution settings.
Challenges for Mid-Size Firms
Despite their advantages, mid-size law firms in New York City face numerous challenges as they seek to maintain their position as a vital part of the legal services market. Among these are recruitment of top talent, management of growth, and competition with larger firms. Most mid-size law firms offer an interesting variety of specialties, from intellectual property and business law to international affairs and non-profit issues. However, finding lawyers who understand these issues well enough to provide adequate representation is no easy task. Many top graduates, like other educated professionals, head to large firms or corporate in-house positions where they will find more resources and better pay. Many of these mid-size law firms find it hard to offer lucrative salaries and benefits packages to their personnel, which can turn off seasoned attorneys and deter prospective hires. The second major challenge mid-size firms face is managing expansion. Typically, small law firms grow steadily , acquiring new clients one by one and enjoying a business that escalates naturally as they build their business. But when a law firm doubles in size in a short period of time, things can get chaotic. To manage this growth successfully, firms must make sure they have extra space, new employees, and new technologies in place at the same time. Given that people are the most valuable asset at a law firm, hiring the right number of qualified attorneys can be difficult; if a firm grows too big, it can lose its personal touch and overwhelm its employees. Conversely, a law firm may even try to grow too slowly, overspending on office space or hiring and missing its prime opportunity to expand. Finally, mid-size firms like other small businesses, struggle to compete with larger firms. Although they have carved out their own niche in the industry, many mid-size firms simply do not possess the resources or the reputation to handle challenge larger law firms and bigger corporations.
Prominent Mid-Size Law Firms in NYC
The realm of mid-size law firms in New York City is home to some of the most innovative and successful practices serving this vast market. A few notable examples include Herrick, Feinstein LLP, which has made a name for itself handling complex real estate transactions, including the $300 million acquisition of the former MetLife Building. Another prime example is Rosenberg & Estis, whose attorneys have written landmark legislation that has become law in New York State. A hallmark of many mid-size firms is their commitment to specific areas of practice and industry focus. For example, Ganfer & Shror LLP excels in litigation and intellectual property, boasting a team of skilled attorneys with expertise in a wide array of industries. With a deep bench of seasoned litigators, the firm has a track record of success in high-stakes commercial disputes. The firm has also garnered attention for its representation of tech clients, providing legal counsel to some of the most cutting-edge startups in NYC.
The Future of Mid-Size Firms
Looking ahead to the future, it will be vital for mid-size firms to continue adapting to a rapidly changing legal landscape. Three clear trends stand out that will significantly impact mid-size firms in New York City.
First and foremost, technology will play a pivotal role in leveling the playing field between large and mid-size firms. Despite the perception that only large firms with their enormous IT budgets can afford to leverage cutting-edge legal tech tools, recent years have seen the introduction of many affordable and effective solutions. Cloud-based applications, automated workflows, and online portals for both clients and attorneys allow mid-size firms to compete on the same technological footing as their larger counterparts.
Second, client expectations will continue to evolve. As clients demand more transparency and predictable cost structures , mid-size firms that can provide these will have a competitive edge. This doesn’t mean hourly billing is dead. Rather, a hybrid model that offers a combination of hourly rates, flat fees, and retainer agreements will likely become the norm, allowing firms to cater to more cost-conscious clients while still providing the flexibility to serve larger, more complex matters.
Third, growth opportunities remain robust, particularly in niche practice areas or specialized industries. Mid-size firms with a deep understanding of specific markets can provide a level of expertise and personalized service that large firms, often spread thin across a variety of sectors, cannot match. The ability to form long-term relationships with clients in specific industries will be a major asset for mid-size firms going forward.