2 min read September 2023 — In an interview with Invest:, Reid Phillips, managing partner at law firm Brooks Pierce, discussed the firm’s milestones in the region, the factors that make North Carolina an ideal market and the areas of high demand. He also addressed the implications of AI on the legal sector and the challenges posed by the current economic landscape.
What have been some significant milestones for Brooks Pierce in the region?
We’ve continued to have success in attracting both lateral talent and law school graduates. Talent is the most important factor for the success of a law firm because people come to lawyers seeking good thinkers who can provide reliable and sound advice. Attracting the best talent is crucial for serving our business clients effectively. So, our biggest success has been the recruiting efforts we’ve undertaken.
One great example of this is when former North Carolina Supreme Court Justice Jimmy Ervin joined our firm this spring. After his time at the Supreme Court, he could have chosen to work at any law firm in the state, but he decided to join us. That speaks volumes about the things we are doing right to attract exceptional talent.
What makes North Carolina a great market for a firm like Brooks Pierce?
North Carolina boasts a fantastic business climate. As you know, it continues to attract new enterprises while encouraging existing businesses to expand. I believe everyone is thrilled about the investments Google and Apple have made in the Raleigh area. They are coming here partly because they know the necessary talent to support their ventures exists in this region.
However, the truly remarkable aspect for us is the influx of bright, young individuals graduating from colleges and universities who are choosing to live and work in North Carolina. Their presence infuses our business and law practice with immense energy. Moreover, many of these talented individuals are starting their own companies and require the guidance of proficient lawyers who understand what it takes to establish a business on a solid foundation and help them take-off successfully.
Which practice areas are experiencing the highest demand?
Data privacy has become a significant concern for many clients. It’s a relatively new issue that people haven’t dealt with for many years, but for businesses, it poses a critical threat that must be managed. When a breach occurs and someone hacks in and steals their data, clients need advice, and we have a dedicated team skilled in handling such situations. Responding swiftly to these incidents and providing clear guidance to clients is paramount. This area of expertise is continuously growing and evolving.
Another robust practice area is labor and employment. Companies are looking ahead, considering the possibility of a recession, or contemplating changes due to technological advancements that might reduce the need for traditional roles or change the way people work. They have questions about managing layoffs, terminations and related issues. It’s crucial to handle these situations correctly to avoid potential lawsuits and legal pitfalls. Labor and employment law is, therefore, an essential and expanding field.
How does the firm integrate DEI initiatives into its practice?
Over the past five years, our director of diversity and inclusion, Justin Outling, has made significant contributions to the firm. He has been instrumental in teaching us the essential aspects of sensitivity and awareness, as well as the strategies required not only to attract but also to retain a diverse workforce – something we greatly value. While our industry as a whole still has a long way to go, I’m proud of the progress we are making.
How is artificial intelligence (AI) impacting the legal sector and what implications does it have for the firm?
AI is making a big impact. We have been testing this internally to review the effectiveness of AI on routine legal documents, and have been pleasantly surprised at its ability to create efficiencies. Users of AI will become more sophisticated in the questions they ask of it but will also need to be more discerning in the advice they seek and its quality.
These trends present opportunities for us. Given the exceptional intellect of our lawyers, we can add value beyond what a purely AI-driven process might achieve. However, we also recognize that certain tasks might be better suited for AI. This may require us to shift our approach to better serve our clients through a combination of human and intelligent resources.
While the full impact of AI hasn’t been extensively felt yet, we are aware of the changes it’s bringing and what’s to come. It’s essential for us to stay ahead of these developments and adapt our services to continue delivering the highest quality legal assistance to our clients.
Considering the economic landscape, what are some of the most pressing challenges the firm is strategizing around?
A large part of our work revolves around business litigation and trial services for companies, and we haven’t noticed much change in the demand for our services. Companies continue to have disputes that require resolution, and our expertise remains sought after.
There have been some shifts in other practice areas. In real estate, for instance, the prevailing interest rates have caused people to hesitate or reconsider their decisions regarding property development and real estate investments. The uncertainty surrounding interest rates has made some companies ponder whether it’s the right time to proceed with acquisitions or if waiting for more favorable rates might be wiser. Consequently, we have observed a modest decline in the corporate transaction sector due to the impact of higher interest rates compared to previous periods.
While we haven’t experienced a significant downturn in our overall workload, we are mindful of these shifts and continuously adapt our services to meet the evolving needs of our clients in this dynamic business landscape.
What is your outlook for the firm and the North Carolina legal market in the near future?
As a business law firm in North Carolina, we are incredibly optimistic about the future due to the state’s robust economy and its appeal as a desirable place to live and work. These factors position us favorably for the opportunities that lie ahead. Our firm is poised for growth and we currently have offices in Raleigh, Greensboro and Wilmington. Looking ahead, we plan to expand our presence further and anticipate having an office in Charlotte within the next two to three years.
Not only do we expect our firm to grow in terms of physical locations, but we also envision a more diverse and larger team of attorneys. Three years from now, I anticipate a significant increase in the number of attorneys working with us. Our goal is to continue delivering exceptional legal services to our clients while adapting to the changing needs of the business landscape and the communities we serve.
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