Michael Fichtel, Principal Partner & Chief Executive Officer, Kelley Kronenberg
Michael Fichtel, principal partner and chief executive officer at Kelley Kronenberg, described to Invest: the extent of the firm’s national growth across industries and particularly in Greater Fort Lauderdale, as well as the technological advancements currently being analyzed for future implementation.
Can you describe some of the main highlights achieved by Kelley Kronenberg over the last 12 months?
We have grown significantly, but our highlights primarily consist of our office openings in new markets. Today, we have around 20 total offices. We are slated to continue growing strategically through concentrated decisions and not simply for the sake of growth. Our firm’s priority is to provide our clients with the best fit within all the markets in which we engage.
How is Kelley Kronenberg approaching growth?
All of our growth is methodical and strategic. We make our initial expansion decisions based on analyzing the needs of our clients and matching those needs with the ability to attract talent in a particular market. While we are a law firm, our business setup is unique and does not follow the trajectory of traditional firms. We have cut our own path in the industry, and at the end of the day, we are in the professional services business.
When you take a look at our building, you would not know right away if you are walking into an architecture company or marketing firm; our design is progressive and open, and our management model is composed of C-Suites. That environment has allowed us to attract a different breed of attorneys. Our firm is set up like any other business out there; the difference is that the service to our clients is in the professional legal industry. We also handle our clients’ needs from a team-based approach, along with experts, on a continual advisory basis. Collaboration is prized over a traditional “silo” model.
Which of your practice areas and industries do you expect to be the main drivers of growth moving forward?
We define our business internally as having two components. The institutional component includes large employers, insurance, and banks that provide a volume of repeat work, and this brand is well-known. The private sector component includes commercial, business, and one-off jobs along with partnerships, legal advisement, and consulting. Our growth is typically organic, and we are looking to make smart acquisitions within our private sector brand and continue to grow those areas with good leaders and effective practitioners.
What is your overview of the legal sector at the moment?
Florida’s market has been explosive over the past couple of years since COVID. As a result, we experienced a massive amount of migration and have been a hotbed of growth across all industries. In addition to our state staying open during the pandemic, advantages have included tax benefits, climate, and continuous, state-wide growth. We intend to be introduced to businesses early on when they are considering coming to Florida, so the state has been a huge opportunity for our firm.
How would you describe the labor and talent pool for the legal sector in Fort Lauderdale and Broward County at the moment?
Finding candidates can be challenging. One of the creative successes we’ve been fortunate to leverage has been the international company we’ve created. In the U.S., we are selective in our hiring and employ a rigorous interview process at several levels that involves onboarding and a probationary period. Through these measures, we can find success within this model.
What are some of the primary opportunities for growth and innovation for Kelley Kronenberg and the broader legal industry?
The legal industry is having to change drastically from a technological standpoint. Another success from the past year has been an upgrade to a new financial system called Expert Sierra, which is used by the largest firms in the world. We also transitioned to a new document management system and will be moving into a new case management system next year, all of which has resulted from several million dollars’ worth of investment. This has allowed us to obtain more data and analytics and move closer to AI so that we can extend those savings and efficiencies to our clients, particularly those under the institutional branch.
In terms of AI implementation moving forward, we are currently choosing between proprietary, customized AI options or moving towards a platform.
How is the current economic environment in Greater Fort Lauderdale influencing the legal advice you provide to clients?
Florida is on fire, especially in Broward County and Miami. Our growth has come through the continued growth of South Florida. Citadel and Blackstone have moved down, in addition to a number of small businesses, and from a legal standpoint, this has been a tremendous market. While the recent elections provided some anxiety for other sectors, we have not slowed down.
What are the primary challenges for the legal sector at the moment?
Most of our markets are highly litigious, which is reflective of our country as a whole, but the states in which we practice are particularly aggressive. We attempt to provide our clients with proactive solutions to what issues may arise in the future, like updating handbooks and following local tax and licensing requirements.
What will be the top priorities and goals for Kelley Kronenberg in the next two to three years?
I would like to have a much more significant, diverse group within the private pay sector, including business law practitioners, throughout all of our offices. Within the next few years, we intend to have built AI specific to our needs, which is employed for the efficiencies and cost savings that can be passed on to our clients. Building a more diverse client base will also be a top priority, in addition to possibly adding new offices in new markets.
