ALM Releases 2023 Legal Market Report Series Beginning with Southeast Florida
Legal Newswire
Jul 18, 2023
An in-depth look at historical data on the largest law firms with a presence in Miami, Fort Lauderdale, and Palm Beach, as well as the business climate in which they operate
New York, NY – July 18, 2023 – ALM is pleased to announce the release of the first of their 2023 Legal Market Report Series, beginning with the Southeast Florida Report. This report provides a detailed look into recent trends and performance of large law firms with a presence in the Miami-Fort Lauderdale-Palm Beach metropolitan area. Law firm analysis includes historical headcount trends, financial performance comparisons, recent law firm expansion details, as well as lateral partner moves, partner promotion & diversity data.
“When analyzing the opportunities for large law firms in Southeast Florida, it’s easy to see why it remains one of the most attractive growth destinations in the U.S. despite increased competition for business and talent,” said Dan Masopust, Legal Analyst, ALM. “The continued trend of corporate relocations to the area, growing venture capital funding and healthy start-up culture, combined with a business-friendly tax climate, should continue to provide law firms with ample opportunity for the foreseeable future.”
Key takeaways from the report include:
– Attorney headcount at NLJ 500-sized firms increased 9% in 2022 and has grown 13% since 2020, driven in large part by expansion into the region by many outside firms, including 10 Am Law 200 firms in the last two years
– Fourteen Am Law 200 law firms have expanded into Southeast Florida since 2018 by opening an office via local lateral hiring, relocating attorneys from other offices, or merging with local firms.
– The five Am Law 200 firms headquartered in Southeast Florida increased total revenue by 8% in 2022, outpacing the Am Law 200 as a whole, which posted 3% growth
This report also includes insights into the economy and business environment of Southeast Florida, detailing the major clients in the market, venture capital and start-up activity, as well as various key economic indicators including GDP growth, population growth, unemployment rates, cost of living comparisons, real estate prices, among other topics. The study concludes with a comparison of Southeast Florida to other similar markets, ranking the strengths and weaknesses of general business as well as business of law climates across a variety of scoring categories.
“ALM’s market reports provide pivotal insights into the legal landscape, business climate, and overall attractiveness of major and emerging legal markets across the US and globally,” said James Willer, Director, Legal Intelligence, ALM. “The reports leverage ALM’s proprietary data sets, including the Am Law 200 and NLJ 500, in combination with economic data and analyst insight to identify where opportunities lie for law firms when it comes to growth, expansion, and entry.”
In addition to Southeast Florida, other reports in the 2023 series will include Denver and the European Region of Benelux. ALM has previously compiled reports on Texas, Minneapolis–Saint Paul, Charlotte and Raleigh-Durham, the San Francisco Bay area, and London.
Market reports, along with Law.com Compass, power our Market Hub Pages and are part of the Law.com Pro Mid-Market platform. Law.com Pro Mid-Market integrates news and insights from Law.com with data and analytics, providing actionable information for mid-size law firm leadership focused on formulating and executing strategic priorities for their firms in a highly competitive environment.
Current Law.com Pro members, Law.com Pro Mid-Market members, and Law.com Compass subscribers can now download the full report.
About ALM
ALM is the most trusted media, information services, and data company supporting the practice of and business of professionals in the legal, insurance, commercial real estate, and financial services industries. ALM delivers premium content, influential audiences, and high-value data essential for growing businesses globally to over 7 million professionals. Please visit alm.com for more information.