Miami legal market grows again with Orrick launch
San Francisco-founded Orrick said on Monday that it hired Ken Wiggins, Santiago Assalini and Sam Ramos, who advise companies and private equity funds, from law firm Akerman to open the office. Wiggins was co-head of Akerman's M&A and private equity group.
Miami attracted prominent out-of-state law firms during the COVID-19 pandemic, as tech companies and executives, bankers and fund managers moved into the state from New York and elsewhere. Some lawyers also relocated amid the remote-work era.
Kirkland & Ellis, King & Spalding, Winston & Strawn, Sidley and Venable are among the large firms that flocked to Miami in 2022. Quinn Emanuel, Cooley, Mintz and others have also opened up offices there in recent years, though the momentum has slowed since 2023.
Florida has also long been home to a few large firms and has served as a bridge for U.S. lawyers working with Latin American clients.
Legal recruiters said that while other firms have remained interested in the Miami market since the pandemic-era boom, the historically limited pool of lawyers has made it challenging for some firms to find the right opportunity to launch and recruit local talent.
That could change as partners who joined newcomer firms a few years ago could seek to change employers after the clock runs out on any compensation guarantees, said Dareth Finn, a legal recruiter at VOYLegal.
Finn said she has heard from firms that are still eyeing the market, with interest in areas such as corporate, litigation, real estate and construction work.
A difference in billing rate expectations has also traditionally been a barrier for some out-of-state firms looking to expand in Miami, legal recruiters said.
Overall lawyer headcount in Miami among the top 200 U.S. firms by revenue increased by nearly 27% over the past five years, according to figures that Leopard Solutions, which tracks law firm hiring, provided to Reuters on Monday. That includes the firms that opened new offices in that time period.
Orrick chairman Mitch Zuklie told Reuters that clients in the technology, energy and infrastructure, finance and life sciences sectors have been "gravitating toward South Florida."
Other Orrick lawyers will also be part of the new office, including venture capital partner Andrew Erskine, who previously helped the firm launch an office in Santa Monica, California, in 2017.
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