3 min read December 2023 — Invest: is joined by Terence McCourt, co-managing shareholder of Greenberg Traurig’s Boston office, to discuss how Boston’s resilient, innovative economy has given the legal sector a unique boom. “The economy is worldwide now, therefore clients’ legal needs have grown,” he says.
What have been your key takeaways from the past year?
We’ve come a long way since our entry into the Boston market in 1999 with five attorneys. We now have more than 90 attorneys and patent agents in the Boston office and working with that team, we’ve had a really terrific year. If you look at our growth year to year, we have continued to increase our headcount in strategic areas important to our clients and have emphasized the addition of attorneys in the renewable energy, environmental and life science sectors. We’re in the enviable position of being selective with the talent we add and are careful to find talent suitable for client needs and this market overall. We also like to be opportunistic so we are prepared when the opportunity arises.
How is Greenberg Traurig navigating recent economic trends?
We’re in a very competitive legal market in Boston as every big law firm has discovered this city. It’s also a very sophisticated market with a blend of established and new, growing businesses. But Greenberg Traurig is well positioned to navigate this market successfully because of our approach to client service, which I would describe in three pillars. The first is our platform. With 47 locations across the world, we have expertise in virtually every legal area imaginable. We also have a strong local presence, with attorneys who have been in local, state, and federal government along with companies in the area. The second pillar is our culture. We have a corporate structure with a CEO. Individuals are empowered to make decisions without a lot of bureaucracy. If we have a need in a particular area or an opportunity to add stellar talent, we will pursue it. It’s a unique approach to a law firm, but it works. The third pillar is collaboration. The collaboration between our attorneys in various offices and across practice disciplines is unmatched. Part of the reason for that is the way this firm has grown – lawyer by lawyer, as opposed to mergers. Attorneys are encouraged to join the practice and collaborate so that we can provide best in class client service. We’re always adding new talent and because it’s more 1:1, our culture is enriched every time someone joins us.
How is the firm responding to shifting client demands?
The economy is worldwide now, therefore clients’ legal needs have grown. It’s hard for firms to effectively service clients around the world if they are not also global because it can become unwieldy unless it is a specialty practice. The way we work is seamless – someone in Boston can find talent where it’s needed both geographically and from a legal discipline perspective to respond to our client needs. Firms are now discovering that, but the question is how you get there. Do you go into a market and buy a firm that is already there, or are there other ways? Greenberg Traurig decided early on to find the best markets across the world with major growth and find the best people within those markets. In Boston, we have continued to find the best people and are really proud of the team we have built.
What is your assessment of labor law developments right now?
There have been some dramatic developments. In the non-compete area, there has been an attempt by the government to federalize that, when it has always been state by state. The main body that adjudicates and makes rules around unionization is the National Labor Relations Board. Its members are presidential appointments, so as a new administration comes in the Board turns over and takes on initiatives that are more aligned with the president then in office. At the federal level, there is a push for more union friendly regulations. The legislature is also at work, with a big push for wage and salary transparency laws. For example, in many states, the law requires that if a position is posted, the company has to list the salary range. This is an effort to decrease bias in hiring practices and increase transparency. Change in the employment law area is a constant because it is heavily influenced by legislative efforts.
How is Greenberg Traurig engaging diversity, equity and inclusion?
Clients are demanding to see real efforts and movement on diversity, equity and inclusion. Not just lip service, but actual results. This has been a core value since our firm started and we have always focused and seen the importance in having a diverse workforce. It goes back to how we enrich our culture, adding attorneys one by one. There is the Mansfield Rule, administered by The Diversity Lab, in the legal sector which asks law firms to consider at least 30% underrepresented lawyers in hiring, promoting and appointing to leadership roles. This includes all underrepresented groups. Greenberg Traurig has achieved this and is deemed Mansfield Rule 5.0 Certified Plus by The Diversity Lab.
What makes Boston a great place to do business?
There is energy and growth in Boston. There are very well established businesses in financial services, life sciences, technology, real estate and other sectors as well. In some markets, in order to find new clients you have to cannibalize, but in Boston there are new businesses blooming every day, which means the opportunity for more clients. Boston has some of the top higher education institutions in the entire world, churning out incredibly smart scientists and entrepreneurs who are starting new businesses every day and they need legal assistance.
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