Ed. note: Welcome to our daily feature, Quote of the Day.
Any firm that is New York-centric and under $1 billion in revenue is exposed. You are already seeing some … larger firms, like Latham, like Kirkland, like Paul Weiss grabbing talent. Those smaller firms are exposed to what is happening in the industry right now: Profitability at scale.
— A legal industry insider, who spoke anonymously to the American Lawyer in order to speak freely, commenting on what could happen to smaller New York firms if they fail to strike while the iron is hot and consider a merger, especially if their profitability has tapered out.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.