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Out-of-town firms import talent to boost N.Y. efforts
Law firms eager to expand in New York have long bemoaned the fiercely competitive local market for lateral partners. Now out-of-town firms are increasingly trying to make it in New York with out-of-town talent. This week, Quinn Emanuel Urquhart Oliver & Hedges is moving leading constitutional law scholar Kathleen M. Sullivan to its New York office. The relocation of rainmakers is a bold gambit that could disrupt healthy practices in the hope that these lawyers can leverage their reputations in New York.Akin Gump, Orrick consider merger, but many obstacles lie ahead.
First, they must blend two different compensation systems, very different cultures and firm leadership — and sell it all to partners without a stampede for the lateral market.Do law firms still aspire to a New York presence?
Law firms just about everywhere have long dreamt of having a New York presence, a Wall Street book of business and sky-high profits to match. But with Wall Street facing an unprecedented crisis, can the New York obsession endure? Some firms believe that emerging from the crisis will be consolidated banking giants, which will be more cost-conscious than fading profligate investment banks. Such a scenario could be disastrous for elite New York firms while benefiting out-of-town firms willing to work for less.Mergers: It's All Talk, but No Action
At a time when the number of firms talking merger is seemingly on the rise, the number of firms actually going through with them is at a low.State AI Legislation Is on the Move in 2024
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