“Size is not all that matters. The market for legal services has become value-driven,” asserted Pryor Cashman’s Managing Partner, Ronald Shechtman, in his recent Op-Ed, “Midsize Firms Can Outflank The Am Law,” published in Law360 In-Depth. 

New Market, New Demands

No longer the “proverbial dinosaur,” midsize law firms have become, in Shechtman’s words, “advanced evolutionary creatures” offering an increasingly attractive business model in the current legal and business markets.  That is to say, in today’s climate, leaner, more efficient enterprises are optimally positioned to compete for business that was once exclusively in the domain of BigLaw.

Proof positive of this view is the fact that in a year when – according to the most recent Am Law 100 Report – “the nation’s top grossing firms saw only mediocre gains across key financial metrics…marking the slowest growth since the Great Recession,” Pryor Cashman, a midsize firm of 150 lawyers, experienced one of the most profitable years in its history, and has seen consistent growth in both business and profits since the recession.

Seizing Unique Opportunities 

In accounting for this success, Shechtman points to, among other things, a shared focus among the firm’s attorneys on fostering individual business while supporting the efforts of colleagues to do the same.  Additionally, he cites a lateral recruitment philosophy whereby compensation is based in part on originations and, given the size and accompanying dynamics of the firm, bureaucracy doesn’t get in the way of seeking and securing new clients.  He also emphasizes a service mentality in which all clients have access to seasoned attorneys – many of whom were trained at, and subsequently left, Am Law firms– who provide the same high-level expertise, but bring a personal, hands-on approach and more competitive cost structure. 

Another benefit unique to the midsize firm: a swifter, increased likelihood of professional advancement.  “When associates join the firm, they are working side-by-side with partners, immersed in many matters,” Shechtman explained.  “Our associates are encouraged and mentored in business development and incentivized by commissions to originate business.  There’s less of a pyramid structure and a greater opportunity for [them] to make the rank of partner.”

More About Ronald Shechtman

Managing Partner Ronald Shechtman is also the Chair of Pryor Cashman’s Labor + Employment Group.  Since 2007, he has led the firm with a focus on enhancing client relationships, attracting and retaining top legal talent to serve its clients, and developing sound, innovative strategies for sustained success.