Winston & Strawn chairman Tom Fitzgerald sees major law firms making bigger investments in mergers or group lateral hires because growth has become more difficult in a competitive environment.
“There is a need for firms to make investments either in people, practices, sectors or offices,” Fitzgerald said in an interview. “That’s the way our industry has evolved because organic growth has become so much more difficult.”
Big Law has seen a wave of merger news in recent weeks. Orrick, Herrington & Sutcliffe created a 1,000-plus lawyer firm by merging with Buckley. Morrison & Foerster acquired litigation boutique Durie Tangri. Shearman & Sterling and Hogan Lovells are reportedly in early-stage merger talks.
At Winston & Strawn, Fitzgerald is focused on growth in Northern California. The firm on Wednesday announced it hired two class action litigation partners in San Francisco from Squire Patton Boggs—Troy Yoshino and Eric Knapp.
Tom Fitzgerald
Winston & Strawn
The hires were “the first step” in replicating the firm’s Southern California growth, Fitzgerald said. Winston in 2021 hired 18 attorneys in Los Angeles, including 15 focused on white collar and complex commercial litigation from the law firm Scheper Kim & Harris.
Fitzgerald said the firm is “always open” to growth opportunities like group hires that are consistent with its culture and strategy. The firm in 2021 did $1.15 billion in revenue while partners on average earned more than $3 million—both records, according to AmLaw data.
Winston is still closing its books on 2022, Fitzgerald said, but he called the year’s financial performance “much more typical of our business” following an atypical, record-setting 2021. He anticipates corporate dealmaking to get back on track when companies have more insight into the trajectory of interest rate hikes. An increase in litigation has picked up some slack from the transactions side, he said.
“I think we’re back to normal growth,” he said.
While the market for lateral associates has cooled, Fitzgerald said competition for partner hires has not seen a letdown.
“People are not only willing but I think even more willing to invest in strategic partner hires,” he said. “That’s exactly what we did in San Francisco. These two hires had a great practice and some great relationships with clients. We think our national practice can help them develop that.”
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