Polsinelli, a prominent U.S. law firm, announced on Tuesday the opening of a new office in Philadelphia. This expansion involves the addition of at least 20 partners from the well-known law firm Holland & Knight.
A Strategic Growth Plan
This new Philadelphia office marks the third expansion for the Kansas City, Missouri-founded Polsinelli since June. The firm previously opened offices in Fort Worth, Texas, and Park City, Utah, last month. Polsinelli emphasized that the incoming partners from Holland & Knight will bolster their executive compensation and employee stock ownership plan practices, among other areas.
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Holland & Knight’s Response
Holland & Knight, which has 2,200 lawyers nationwide and 73 based in Philadelphia, responded to the departures with a statement reaffirming its commitment to the Philadelphia market. The firm expressed plans to continue growing its presence in the city despite the recent exits.
Polsinelli’s Vision for Philadelphia
“Philadelphia was a missing piece in our platform as one of the largest full-service U.S.-only firms,” stated Polsinelli chairman and CEO Chase Simmons. Polsinelli, with just over 1,000 lawyers, views this expansion as a crucial step in enhancing its national footprint.
Trends in Legal Industry Hiring
The legal industry has seen significant hiring movements in 2024. In April, approximately 50 lawyers left Denver-based business firm Moye White to join Fennemore Craig. Similarly, Munger, Tolles & Olson experienced a 10% reduction in its partnership when 17 transactional lawyers in Los Angeles transitioned to Baker McKenzie.
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Increase in Law Firm Mergers
The U.S. legal industry has also observed a rise in law firm mergers this year. According to data from consultancy Fairfax Associates, 29 law firm mergers were finalized in the first half of 2024. This marks an increase from 28 mergers during the same period in 2023, and 25 in both 2021 and 2022.
Polsinelli’s strategic expansion and the broader trends in the legal market underscore the dynamic and competitive nature of the industry.
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