The Estrin Report

"National Firms Stake Claim in Phoenix's Robust Economy"

Hmm, ever thought about moving to Arizona? Sounds like firms in Phoenix are heating up!

"It may be a dry heat in Phoenix, but it's also a hot legal market for some national law firms moving into the desert city to take advantage of the region's flourishing economy.

"Ranked the fifth-largest city in the nation with 1.5 million people at the center of a metropolitan area of 3.8 million, Phoenix has the fastest-growing population of any major U.S. city, with professional and technical jobs creating the biggest surge in its employment sectors.

"Law firms new to the area want a piece of the thriving hospitality, real estate, construction, aerospace and electronics industries. But the influx of national firms means that some firms with long-standing practices in Phoenix are feeling a pinch from the competition.

'The large national firms are competing for a relatively small number of people,' said Elliott Portnoy, chairman of Sonnenschein Nath & Rosenthal. The 658-attorney firm opened a Phoenix office in June 2006 with seven lawyers from Squire, Sanders & Dempsey."

"Lawyers ready for a boom in bankruptcy"

Yeah, good news for lawyers & financial advisers maybe; other people not so much:

"Business bankruptcy filings are down by 45 percent and corporate debt default rates remain near all-time lows. Yet bankruptcy pros are buzzing with anticipation.

"While they don't have crystal balls, call them cynical and firm believers in business cycles. Lawyers, consultants and financial advisers who work with troubled companies are getting ready for the next surge in business, which some predict may come as soon as the end of this year.

"'My experience over the last 20 years is that what goes up, must come down,' said Jeff Marwil, a Chicago attorney who last month left Jenner & Block to join Winston & Strawn's larger bankruptcy practice. 'Change is inevitable.'

[snip]

"To prepare, some big law firms have bolstered their bankruptcy practices by cherry-picking prominent attorneys from other firms. Marwil is one of four attorneys Winston & Strawn recruited. Kirkland & Ellis lured an attorney from rival Weil, Gotshal & Manges in New York. Top-drawer New York firm Paul, Hastings Janofsky & Walker opened its Chicago office with two bankruptcy attorneys from Jones Day."

"Bankruptcy Boutique's Lawyers Depart for Larger Firms"

Possible words of warning for people working in bankruptcy law firms, boutique or not:

"If it's tough to be tiny, it's even tougher to be small and specializing in insolvency.

"San Francisco bankruptcy boutique McNutt & Litteneker began shedding attorneys in the summer of 2005 in tandem with a drop in business. The firm several years ago had 10 full-time lawyers -- eight of whom were associates. Last month's departure of its three remaining associates have name partners Scott McNutt and Rebecca Litteneker not just running the show -- they are the show.

[snip]

"Lawyers in the bankruptcy field say it is a rare boutique that is growing -- or even holding steady -- today. Even at large firms, bankruptcy specialists have retooled to handle other types of work until the next upturn. Notorious for running counter to the general economy, the bankruptcy practice booms in recession and wanes when business is strong."

"Sheppard Mullin Launches Fashion & Apparel Practice Group"

This sounds like a very interesting group! Hmm, wonder if they need any paralegals?

"Sheppard, Mullin, Richter & Hampton is stepping onto the runway with the launch of its new practice group: fashion and apparel.

"From negotiating contracts for TV reality show 'Project Runway' to fending off UGG boot knock-offs, the new group is marketing itself as the go-to firm for Los Angeles and New York's booming fashion industries.

[snip]

"The firm's debut seminar during this year's New York fashion week advertised: 'Get the skinny on FAT [Fashion Apparel Team] law,' and displayed a sketch of a lanky model. The event featured talks on topics such as celebrity licensing agreements and modeling contracts."

Survey: IP & M&A Still Hot Areas

Good to know where law client needs (& $$$) are headed:

"Intellectual property as well as mergers and acquisitions are still red-hot practice areas, while insurance coverage and environmental law are cooling off, according to legal consultant Robert Denney's 18th annual 'What's Hot and What's Not in the Legal Profession' report.

"In addition, Denney said that interest in the Latin American legal market [PDF] is growing, and Chicago and Las Vegas are the U.S. cities now attracting the attention of law firms.

"The report compiled lists of trends in the profession in areas of business development, marketing, practice growth, mergers and management."