Mid-Atlantic firm Offit Kurman is joining forces with another small law firm, Salon Marrow Dyckman Newman & Broudy, marking its third expansion in New York so far this year.
All but one of the firm’s lawyers will join Offit Kurman’s growing New York office beginning Jan. 1. The group includes eight principals and one associate, an affiliated counsel and a special counsel, as well as some staff.
Salon Marrow was founded in New York in 1947. It is a full-service firm, but specializes in representing privately owned businesses and business owners in business law, real estate law, litigation, and estates and trusts. Its clients include Darby Group Companies, Henry Schein Animal Health and Valley National Bank.
The firm began engaging in talks with Offit Kurman in the spring, Salon Marrow lawyer John Fulco said. “It’s the kind of thing we’ve been open to for a time,” Fulco said. “We are a full-service firm, but there are limitations of size.”
Fulco said the cost of running a small firm, while not the primary driver in Salon Marrow’s decision to combine with Offit Kurman, was a factor. But the choice was mainly driven by the opportunity to offer clients more specialty work and a larger footprint, he said. The two firms have already begun referring work to one another, he added.
The Salon Marrow lawyers were impressed with Offit Kurman’s growth strategy, Fulco said. Their rate structures are similar as well, principal Richard Romeo said.
Offit Kurman CEO Ted Offit said Salon Marrow operates very similarly to his firm when it was smaller. The two firms’ client base—privately owned businesses—and practice areas are “identical,” he said.
“What we bring is a very deep knowledge and experience in certain areas as well as very strong, long-lasting client relationships,” Fulco said.
The new group brings Offit Kurman’s New York presence to more than 30 full-time lawyers. They are all in the process of transitioning to a permanent office space at 10 East 40th St., which will be ready Dec. 1.
It’s been a big year for Offit Kurman in New York. The firm announced in January that it would be affiliating with Eaton & Van Winkle, bringing on 16 lawyers, staff and office space. The deal fell apart before it was supposed to go into effect in February, due to “business challenges” at Eaton & Van Winkle, but it still resulted in some lateral hires. ”Even though it didn’t wind up as we’d hoped, we still got six lawyers from that firm,” Offit said.
In April, the firm combined with New York’s Menaker & Herrmann, adding 12 lawyers and office space in the city. Offit Kurman also has three lawyers in Iselin, New Jersey, south of Newark. Altogether the firm has 12 offices spread across four metropolitan regions: Washington, D.C., Baltimore, Philadelphia and New York.
Offit said Offit Kurman’s revenue for 2018 is projected to grow by 25 percent, and profitability has increased as well. The firm is planning to continue bulking up in New York and is seeking opportunities to grow in New Jersey, he said.
When the firm set out to expand in New York, he said, “we said we thought a 40-person, 50-person office in New York would be fine. But now I’m not sure—it’s gone so well.”