BIG LAW’S LOOSENING GRIP – While Big Law has looked to deepen its connection with clients over the pandemic, it may not be able to fend off other firms taking their business. Andrew Maloney reports that many firms have increased their marketing spend this year, while clients are more willing to spread their work around, a trend that could accelerate if firms’ higher compensation packages lead to rate increases. In fact, there’s some evidence that clients are already moving down-market, boosting some Am Law Second Hundred firms
WHAT’S BEHIND CRAVATH’S D.C. MOVE? – Earlier this week Cravath, Swaine & Moore announced it was expanding beyond its New York base to open an office in Washington D.C. The move left some wondering why the firm chose now to establish a presence in the U.S. capital, and whether it could compete in the local market. After all, as Patrick Smith and Bruce Love report, Cravath will now be in direct competition with larger firms that have more established regulatory practices in the area. It also will face threats from smaller firms that still have significant market share when it comes to servicing D.C.-specific needs. At least one D.C. legal consultant believes that Cravath made the move to bolster its New York presence, specifically by having people on the ground in D.C.