Law firm economics, hell, economics in general, demand that in times of crisis the strong seek to add to their advantage at the expense of the weak.
Couple illustrations of that going down in the market this week. Today, Bingham McCutchen – the unlikely success story led by Jay Zimmerman who patchworked a hometown Boston firm into a monster that’s actually good – picked up Washington, D.C.’s McKee Nelson. The firm, which also has a New York office, specializes in tax, financial institution litigation and capital markets-structured finance. And while the latter practice is dry at the moment (the firm has dropped the group from 120 lawyers to 30), Zimmerman sees it as an area worth investing in. Good story at abovethelaw.com. http://abovethelaw.com/2009/07/law_firm_merger_mania_bingham.php#more
(Bingham isn’t entirely on the addition side of the ledger this week, however, having shed 11 attorneys in Boston – five partners and six associates who practice banking and leveraged finance. http://abovethelaw.com/2009/06/musical_chairs_morgan_lewis_ex.php)