Could Miami soon be the next big hotspot for Biglaw?
October 5, 2022
It’s no secret that the legal industry Miami has been undergoing huge shifts in recent years, driven in part by disruptive technologies and the need to make do with fewer law school graduates. Some law firms have prospered while others have floundered, but there’s one place that could be in the midst of an even more dramatic change – Miami! Here’s why…
It’s no secret that many large law firms have been downsizing in recent years. The thing is, they aren’t going anywhere. They are just cutting back and turning to more efficient ways of doing things like hiring associates with more diverse skill sets.
This means that there are fewer associate positions available, but also an increased need for people with a broader range of skill sets such as those who can handle media relations and marketing. That’s where places like Miami come in handy. With the city now home to over 100,000 college graduates per year, it has become one of the top cities in America for a new generation of young professionals looking to start their careers in fields like public relations and marketing.
Miami is one of the most convenient cities for transportation in North America. It has an international airport, a regional airport, and two seaports. There are three interstate highways (I-95, I-195, and I-395) that run through the city which provides ample connections to other major population centers throughout Florida and neighboring states. The state offers bus service as well as a high-speed rail system.
Legal professionals find that public transportation is efficient in Miami, but there are also excellent connections to nearby cities via expressway. The population density and a large number of hotels make it easy for visiting attorneys to find a place to stay with reliable public transport options or by car.
This makes visiting lawyers feel more at ease as they will not have to drive around unfamiliar neighborhoods late at night. Additionally, there are always taxis available on short notice, especially near major airports and hotels. With an abundance of legal staffing firms and contract attorneys looking for work, it’s no surprise why many companies choose Miami as their primary legal outsourcing location.
Cost of Living
Miami has some of the lowest operating costs in the country. Personal income tax is just over 4% and there are no corporate taxes. The cost of living is 9% below the national average, and it’s possible to rent a one-bedroom apartment downtown for $750 per month. For these reasons and many others, Miami continues to attract a growing number of professionals.
Many businesses have relocated to Miami because of these low operating costs. Lawyers, however, are less likely to follow as they’re not able to maximize their billable hours as much as other professionals. This is particularly true during times when businesses are not active or during years like 2017 when uncertainty in other regions creates a lull in legal work and clients. However, there are a few mitigating factors that may push lawyers down south—most notably strong economic growth and an increased need for lawyers in Florida with litigation over climate change heating up.
It’s no secret that New York City, Los Angeles, and San Francisco are some of the biggest metropolises in America, but what if I told you there was a Florida city getting ready to rival these three major law firms? Located in Miami, Florida,
Greenberg Traurig is one of South Florida’s largest law firms and it has been expanding its presence all over America. In addition to being a powerhouse in Corporate Law and Litigation, Greenberg Traurig is also one of the most sought-after employers when it comes to recruiting summer associates. The firm has been on an aggressive growth path as it looks to expand its role as an international legal powerhouse.
Greenberg Traurig is led by Richard D. Rosenbaum, who has served as Chairman of Greenberg Traurig since his father’s passing in 1993. In addition to its Corporate Law practice, Greenberg Traurig handles a large volume of high-profile litigation cases ranging from securities fraud to class action lawsuits. When it comes to recruiting top talent
, few law firms in Florida can rival Greenberg Traurig. Based on its performance over several years, it’s safe to say that there will continue to be more job opportunities available at one of South Florida’s largest law firms in 2014 and beyond.
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