Flaster/Greenberg’s strategy? Find the holes in big firms’ offerings — and move in.
The 68-attorney law firm, based in Cherry Hill, N.J., goes after clients that demand strong talent for hefty deals and cases but don’t need an outpost in Bratislava or Antwerp. It also snags clients who need legal services that giant competitors have dropped in their quest for the biggest dollar — like estate planning.
"Our strategic plan as a midsize regional firm is to look for areas where we don’t need a global or national platform," said Peter Spirgel, Flaster/Greenberg’s managing shareholder and chief operating officer. "We also look to compete or to pick areas where those with a global platform are not focusing."
Trusts and estate work is particularly important, he said, because it "brings clients in the door" so that attorneys can cross-sell other legal services.
Founded in 1972 by Harvard Law School graduate Rick Flaster, who was later joined by Yale Law School graduate Steve Greenberg, the firm maintains a variety of practice areas: corporate and tax; real estate; intellectual property; bankruptcy; environmental law; and commercial litigation.
Its focus — being where the big boys aren’t — has paid off. Last year, it represented Kinsley Properties in the completion of several new buildings in a redevelopment project at Rowan University in Glassboro, N.J. The complex financing involved raising $180 million in lease revenue bonds issued by the Industrial Development Authority of the City of Phoenix.
The firm represents Isle of Capri Casinos Inc. in many of that company’s gambling and regulatory matters. It secured slot machine licenses for the company, allowing it to operate the machines in the Nemacolin Woodlands Resort in Pennsylvania. Isle of Capri is manager and developer for that project.
Daniel Driver, chief financial officer of Kinsley Properties, said he learned of the firm through word of mouth. He liked what he heard, and after meeting with firm leaders, chose it for the Rowan University project.
"The deal had a lot of moving parts," Driver said. "We needed someone who had experience, who knew New Jersey, knew its tax laws. We were impressed with their capabilities."
Going forward, Spirgel said, he considers it crucial to continually analyze how Flaster/Greenberg can remain relevant. "When the gettin’s good, you don’t want to think about it," he said. "But you have to."