3 min read September 2023 — As corporations become increasingly sophisticated in selecting outside counsel in their respective industries, they will be looking for equally sophisticated, industry-focused legal advisory services. Andrew Kassner, chair emeritus of Faegre Drinker Biddle & Reath LLP, shares how that trend is playing out in Greater Philadelphia.
What has been keeping you busy over the past year?
We are dealing with challenges similar to other law firms and our clients — the uncertainties presented by the current geopolitical and economic environment, the impact of the new hybrid and remote workplace on firm culture and talent development and retention, and addressing the challenges Al technologies present and will raise with the passage of time for our clients and us. That being said, our firm is the product of a very large combination of two venerable firms that took effect in the first quarter of 2020, during a time we believed presented significant opportunities. At the time, we were looking forward to implementing the compelling business case for the merger, and we still are today as a relatively young firm. Our strength lies in continuing to be a full-service firm with a diversity of practices, split down the middle between business and regulatory on one side and litigation on the other. That strategy is serving us well as corporations, making the best use of their resources, are reducing the number of law firms they rely on to a small number that know their business and are thought leaders in their industry and can cater to their every need, much like a one-stop-shop solution. With our 1,200 attorneys and consulting professionals, our strategic growth mindset, and our presence in 19 markets, we have the capacity to be that single point-of-contact firm.
What industries are you looking to get more business from?
Some of the top pharmaceutical companies in the U.S. are headquartered here. The health and life sciences – including biotech, pharmaceutical and medical device and education sectors — have always been strong in the region, driven by the presence of players such as Johnson & Johnson, Merck, Penn, Jefferson Health and many others. An interesting trend in recent years has been health systems taking on blocks of risk and becoming insurers themselves. So having insurance experience like we do is helpful. The region also continues to present opportunities with its diverse middle market corporate base. We have continued to focus on these sectors, as well as telecommunications and financial services. Of course, Philadelphia has traditionally been an important center of litigation, which has driven demand for our litigation practice.
How would you characterize the future role of law firms as the needs of their clients evolve?
I anticipate a continued trend for consolidation in the legal ecosystem, which reflects clients’ own consolidation in their respective industries. Successful law firms will be the ones that anticipate these changes and understand the difference between executing strategic growth versus growth only for growth’s sake. As a talent-based industry, we need to know who we are and who we are not and stay true to our strengths and values. We will bring in practices that our clients need today and anticipate will make sense for the industries we’re servicing tomorrow. Sometimes that is not so obvious. We do think we’ll need to get larger with the passing of time, as our clients grow with us and will need that coverage, which was one of the reasons for our combination.
Let’s face it: law firms have been the slowest to go back to the office, so they’ll have to adapt to the new normal to maintain a strong culture and foster a collaborative environment to be successful and deal with the next generation of attorneys and partners by strengthening talent attraction and fostering long-term retention. The next generation of attorneys is thinking differently about their careers and goals, and we need to remain mindful of that and cater to their shifting expectations, needs and aspirations.
And while we have an office in London, for example, the fact is the U.S. is still the top legal market in the world that requires the support of a strong U.S.-based corporate legal practice, both for large and middle market deals, which we are well suited for. What we need to continue to do is make Philadelphia and the Delaware Valley region a destination for talent, fighting against the idea that all firms look the same to drive those talent retention efforts.
What is your outlook for Faegre Drinker Biddle & Reath and Greater Philadelphia’s legal landscape?
For us, the outlook is bright. We are taking advantage of the opportunities presented by the merger. We’ve just successfully undergone the transition of our senior leadership after a 10-month process to the next generation, and we are happy to report this transition resulted in the appointment of the firm’s first female chair and a diverse executive leadership team and board that are 70% and 50% female, respectively. That change positions us well for the future. We hope that the current leadership and the partners they promote will do their part to help position the city for the future as well. Regarding Philadelphia, there will be a new leadership team as well, with the election of a new mayor and the appointment of a new police commissioner later this year. I am hopeful this new administration will present and execute opportunities for the city.As for legal services in this region, although we do not see signs of a deep recession, going forward, many companies will need restructuring advice, and we’ll be well-positioned to cater to that need. We anticipate Philadelphia to continue being the litigation hub it has become well known as and require excellent trial attorneys and litigators. As I said, clients are becoming more sophisticated in what they need in legal support and will increasingly be looking for law firms that are committed to a full-service approach, which we are ready to deliver, both in our Philadelphia, Delaware, and New Jersey offices in this region and across the country.
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