Recently, Of Counsel, a legal practice and management publication, held an interview with highly regarded Fairfax Associates principal, Lisa Smith. For three and a half decades at a few of the nation’s most prestigious consulting firms, Smith has helped regional,...
Lisa Smith, who heads the Washington office of consultants Fairfax Associates, sees the combination as transformative for both firms. “It changes the competitive position of the combined firm significantly—not just from size, but also geographic breadth and practice depth,” said Smith, who is a longtime adviser to ArentFox.
Lisa Smith is quoted “When we look at the driver of profitability, it really is driven by RPL. The way you get to higher RPL is getting practices that are known-fors and being able to offer a range of services to clients”.
Lisa Smith is quoted “It’s hard to grow substantially when you’re growing organically. It takes longer, is more difficult, and is more expensive,” Smith said.
“But Fairfax principal Lisa Smith expects that the pace of mergers will rise next year, as firms look to increase market share and enhance their depth and scale. She’s heard from a number of firms engaged in discussions, and expects that it will be easier to pursue in-person meetings to ease along the process in 2022.”
“Another draw for Austin is geography, Smith said. Texas has multiple business centers, and to be effective, many firms decide they need multiple offices, such as one in Dallas and another in Austin.”
Kristin Stark is quoted on international firm presence: “In order for an international presence to be successful for any firm… the international presence has to be driven by a particular practice or the firm’s client base…”
Kristin Stark is quoted on associate moves and firm counteroffers: “Kristin Stark… said most Big Law firms are not naïve to that reality… ‘Firms aren’t doing these counteroffers because…’ “
Kristin Stark is quoted: “Kristin Stark… said some firms have already been looking at hiring more staff attorneys who want to work at a slower pace, with different expectations than a traditional, partner-track associate, for less money…”
Lisa Smith and Fairfax merger data is quoted: “Lisa Smith…said in an interview that she expects the number of completed mergers in 2021 will “certainly” beat the 2020 numbers…”