The Legal Landscape of Boston
As the seat of a number of globally notable educational institutions, hospitals and countless businesses, Boston has long been a drawing-card for top tier firms seeking to roll out their desks and establish themselves in the city. Indeed, it is the very fact that it is too large for firms to completely ignore this market, yet small enough for firms to realistically open a second base that it has begun to attract a massive number of big law firms, eager for a foothold in Boston.
Nonetheless, if you were to ask any head-hunter or recruiter in the area, they’ll tell you that Boston is still largely regarded as a Hoover for candidates, sucking them up from all around the country. It is a highly desirable place for young lawyers in particular, who come into the city expecting a busy life, a fast pace and a lot of opportunity for growth. Although they may be hit by the wall of really stiff competition, working in the area is generally considered to be for the best; whether you are among the many who choose to stay, or the few who leave, the experience is seen as a real asset to the resume.
The city’s distinctive character is a major factor in its ability to attract lawyers, just as much as it is for economic institutions. Consistently rated as one of the most walkable cities in America by the likes of Forbes and WalkScore, it is a safe, convenient and relatively low-stress home for those who have spent the previous 3 years grinding for a law degree. Little wonder that it remains the top talent pool for law firms recruiting in the area.
It is a solid draw for attorneys of all ages, speeding into the future on the back of its reputation and history and reputation as a cultural center. It’s ideal for the upwardly mobile who can take advantage of the tech sector and the education opportunities in abundance.
Boston is a breeding ground for success, whether you are willing to put your shoulder to the wheel . If you’re a young lawyer who likes to party, the active and diverse nightlife scene is absolutely unique, and the music, art and cinema scenes are second to none. Whether you’re a sports fan or not, you’ll find that there are few places more thoroughly engaged in games than Boston. Nowhere can match the fervor for the Red Sox, Celtics or Bruins.
International law firms find this city to be ideally placed. With the likes of PICC, the Industrial Bank of China, Bank of China and the China Merchants Bank all having openings here, the international firms know that they will always have work coming in, so long as they have a foothold here. It’s a city that has never stopped looking beyond the shores of America for direction and ideas, remembering its roots in Europe. In this way, it is ideally placed to set up the international links that businesses will always require.
It was the first place in the country to have a subway system, boasts the world’s first school of engineering and first college (Harvard) and the second oldest library in the United States. And whilst it may look a little battle-scarred around the edges at times, it wears its history with pride.
Although it might not currently be the leading light either on the left or right coasts, the best firms in the country are catching wind of what a unique opportunity Boston represents and have trickled in to establish themselves. These include the likes of Willkie Farr & Gallagher, Skadden Arps, Paul Hastings and Weil Gotshal & Manges. The speed with which they have entered the market is outstanding and represents a snapshot of not only how Boston is becoming a more desirable place to work for experienced attorneys, but also how it has become a viable and attractive base for law firms looking to focus on the brain and the future.
Big, beautiful and bold, Boston has rightly attracted some of the best firms in the country.
Notable Law Firms With a Footprint in Boston
In addition to law firms with their headquarters in Boston, several firms with a national and international presence also operate big law offices in Boston. Below are top big law firms in Boston.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. Founded in 1933, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., commonly known as Mintz, is a full-service heavyweight with more than 800 attorneys and staff across its 10 offices. The firm has a strong presence in the five sectors of health care, project finance, and technology. It has represented GreeneHS, one of the largest manufacturers of health information technology, and Ironwood Pharmaceuticals, the lead developer of the drug Linaclotide, an approved therapy for irritable bowel syndrome and chronic constipation.
Foley Hoag LLP A Boston fixture since 1972, Foley Hoag has offices reaching from Washington D.C. to Paris. It is a full service firm best known for its deep bench of public law practitioners. The firm is home to more than 70 public attorneys, making up 90% of the whole Boston litigation group. The firm’s infrastructure practice is also highly regarded, and has represented major regional clients such as Boston Light and Lynn Lock Square 9. On the contentious side, the firm is the one responsible for leading the restructuring of $1.9 billion in debt by Massachusetts Bay Transportation Authority, the primary provider of transportation services to the Greater Boston area. Foley Hoag was recognized as a finalist for a Turnaround Atlas Award for its work on this deal.
Anderson & Krieger Founded in 1982, Anderson & Krieger specializes in real-estate development law. It has been instrumental in the development of mass transit in the Boston area, representing the Massachusetts Bay Transportation Authority on the deal that delivered the Silver Line transit system extension. Its real-estate practice has also been involved in several landmark cases, such as the renovation of the former Filene’s department store into Boston Crossing.
Key Practice Areas
The top Big Law firms in Boston cover a range of practice areas, each with its own unique significance to the Boston professional landscape. The most common practice areas include:
Corporate Law
Corporate law remains one of the most sought-after specialties in Boston, as it does in many major cities across the United States. This is largely due to the prevalence of Fortune 500 companies in the area. A Boston-based corporate law attorney negotiates legal agreements and arranges compliance for corporations that operate in multiple states, ensuring that they follow federal and state regulations.
Intellectual Property (IP) Law
The region’s leading IP firms cover a range of legal specialties, including IP litigation and IP strategy and transactions. Both of these subsections are extremely business-minded while still involving technical knowledge. IP litigation is a high-stakes, high-pressure practice that entails protecting clients’ assets from infringement by competitors, while IP strategy and transactions includes a heavier emphasis on research and development.
Litigation
Litigation is the backbone of many Boston-based law firms. Litigation firms develop strategies, research resources, and document cases and evidence online. They use all that information to prepare for what happens in court and scout for new opportunities to show their clients how to leverage technology and capitalize on opportunities.
Financial Services Law
Boston has extensive financial industry expertise, with a strong focus on mutual fund, private equity, and financial regulatory law. It features numerous local funds, as well as several large financial entities.
There’s no denying the value of these four key practice areas, but there are several others to note in the city: family law, health care law, employment law, real estate law, energy law, environmental law, and tax law.
The Contribution of Big Law Firms to the Greater Boston Economy
Big Law firms have a considerable impact on Boston’s economy. You’ll find that each of these legal behemoths create many jobs for local citizens, and provide a lot of tax revenue for the city and state. Large law firms do significant business with local companies, hire local talent, and use local products and services – everything from office supplies to IT support. The result is that large law firms promote economic activity throughout the region.
Local companies benefit from the revenue generated by the law, because law firms hire local vendors. Law firms need office supplies and equipment; they need janitorial services and hardware support. They purchase food in bulk. They buy furniture and decor. They hire copy centers. They repair their HVAC systems and their elevators. Law firms may even hire local construction companies to perform remodeling and renovation work.
A law firm may need to remodel their quarters when they move to a new location. This may require removing walls, painting, sprucing up the lobby, and other work before a law firm can settle into its new digs. So remodelers, painters and contractors all benefit from a law firm’s move to a new location.
Innovative Practices and Technologies
Boston’s big law firms embrace innovative practices and advanced technologies to enhance their legal services and client engagement. These firms are actively seeking to remain at the forefront of the legal industry, leveraging new tools, technologies and methods to increase efficiency, lower costs and provide a better client experience. From using artificial intelligence and machine learning to improve legal research and document analysis, to employing advanced data analytics for litigation strategies and case management, Boston’s big law firms are making significant investments in technology to better serve their clients. Firms like Ropes & Gray are leading the way in adopting innovative technologies by partnering with startups through their innovation center, which provides a collaborative workspace for lawyers and entrepreneurs to brainstorm and develop new legal technologies and services . Similarly, Goodwin Procter’s Innovation & Strategy team explores and implements new ways of delivering legal services, such as legal project management, knowledge management, and process efficiency. Other firms, like WilmerHale, have developed artificial intelligence tools to streamline document review and analyze complex data sets, allowing their attorneys to focus on higher-value work such as strategy development and case management. In addition, Boston’s big law firms are also investing in cloud-based technology, as well as blockchain technology, to improve data security and enhance communication and collaboration among their lawyers, clients, and other stakeholders. As big law firms in Boston continue to adapt to the ever-changing legal landscape, innovative approaches and technologies will undoubtedly play a key role in their growth and success. Whether it’s through enhanced client engagement or increased efficiency, the use of technology and innovative practices will continue to shape the future of the legal industry in Boston.
Challenges Confronting Large Law Firms
Amidst the bright lights of Boston’s Big Law scene, firms are not without their share of challenges. Keen competition within the city and beyond has forced these firms to explore innovative solutions such as sophisticated billing practices and cutting-edge technology in order to meet their clients’ ever-higher expectations. Facing mounting pressure to deliver high-quality legal services at a reasonable cost and in record time, Boston’s largest firms are required to remain on the cutting edge of industry trends, employing proven, reliable, and efficient billing solutions.
Boston’s large law firms have been faced with evolving rivalries both within the legal community and corporate sector. In the past ten years, the constant stream of mergers and acquisitions has resulted in the swift rise of new competitors, but they have also posed new opportunities for established firms in Boston. These new competitors – including Morgan Lewis, Katten Muchin, Winston & Strawn, and Holland & Knight – while less prominent than the natives, have nonetheless sunk their roots into the city’s legal market.
As the legal industry evolves, so too have the challenges facing Boston’s Big Law firms. Chief among them has been the need to consistently justify their value, both perceived and real. While clients are beginning to expect more from their legal representation, law firms are not immune to the recession – their resources are finite, and sometimes insufficient to meet the increasing demands of their clients.
In the coming years, the fiduciary duties imposed on in-house counsels of corporations will become more stringent, making close relationships between in-house and outside counsel a vital partnership. Firms that cater to the comprehensive needs of corporations – such as intellectual property (IP), labor relations, and business litigation – will find themselves in high demand.
As competition for firms continues to rise, it is no surprise that large law firms have adopted cutting-edge technologies focused on bolstering billing practices. A firm that employs sophisticated billing practice solutions will be better equipped to withstand the booms and busts of an increasingly volatile legal marketplace. Impeccable bills free of human error not only enhance professionalism, but also engender the confidence and trust of clients hungry for more delineation.
Career Path with Big Law
A career at one of Boston’s big law firms can be rewarding both financially and professionally. Most of these firms offer compensation at or above the legal market rate and may offer additional pay through bonuses. Big law firms also offer their associates promotion tracks to partner. These promotions are based on an associate’s performance over several years and their ability to generate new business for the firm.
Associate compensation varies from firm to firm but the top firms in Boston are generally in-line with associate salaries in big law firms across the country. Many Boston firms offer starting associates $160,000 per year plus a $10,000 signing bonus. Bonuses are typically tied to hours worked and an associate’s performance and may exceed $50,000 per year. Associates are expected to work at least 2250 hours per year with most working 2400 hours per year.
Skills and qualifications that are highly sought after in big law firms in Boston include strong academic credentials from prestigious law schools. Boston’s top law firms prefer to hire associates that are in the top percent of their law school class. Trial skills are also valuable to big law firms as are skills related to regulatory compliance and commercial litigation.
Conclusion – The Future of Large Law Firms in Boston
The Future of Big Law in Boston: Trends and Insights
As we look ahead, it’s clear that Big Law in Boston will continue to adapt to the needs of a changing economy. While the days of billing by the hour may not be gone, there is a growing expectation that clients will only pay for tangible value. Innovations in alternative fee arrangements, and a shift to a subscription model as employed by legal-tech startups, indicates a willingness of firms to move beyond traditional fee structures to better meet their clients’ needs. This trend will also be mirrored in the use of automation technologies. With the use of AI and data-driven insight, Boston law firms will evolve in efficiency, and be able to provide far greater intel to clients when it comes to potential guilty pleas, jury trials, case precedents, and the like. The sophistication of these predictive tools will in many ways make lawyers more like their doctor counterparts, who can in many cases tell a patient how he or she will feel before even going through the surgery itself . In this way, the Big Law firms in Boston, who have historically been associated with the highest calibre of legal minds, will be able to unlock even greater value for their clients. With these advancements, there is no question that the growth of legal firms in Boston will become more powerful, as they maximize the value of their lawyers’ insight by coupling it with the rise of technology. At the same time, a key area of focus for Boston law firms will be the continued priority placed on sustainability, diversity, and inclusion. More than ever, law firms are realizing that future value will come with a commitment to social impact. As we’ve learned and experienced in 2020, issues such as Black Lives Matter, and the increased focus on the LGBTQ2 community, will continue to shape how firms operate. To that end, as we grid-lock to 2021, firms will keep their eyes to better integrate these important social values into their core corporate structures and governance. With these strategies, and investment, we’ll see the leadership of Big Law firms in Boston once again become a beacon that sets the standard across North America.