Understanding the Boston Legal Market
As one of the oldest cities in the United States, Boston has long been a center of legal, political and social activity. With a population of over 700,000 residents (and a metropolitan area of over 4.5 million), Boston is the largest city in New England and the state capital of Massachusetts. Over the past century, Boston has solidified its position as a preeminent hub of higher education and intellectual pursuits. Today, Boston’s many prestigious universities (including Harvard, Yale and MIT) make the region a major player in both the national and global economy.
With a thriving economy driven by industries such as finance, healthcare, higher education, and high technology, Boston is an exciting place to practice law. As the second-largest legal market in the United States, the area is also home to a significant number of law firms and legal professionals. However , Boston legal firms are not only limited to those found within the city limits; many attorneys choose to practice law just outside the city and travel into work each day. Those lawyers live and work throughout the greater Boston metropolitan area and are equally important to the legal community within the city and beyond.
The city of Boston has maintained its position as a major legal hub over the years for several important reasons. Firstly, money drives good legal work, and Boston has no shortage of wealth. With an average income well above the national average (and boasting some of the highest real estate prices in the nation), people come to Boston with money, whether it is from their own pocket or the corporate coffers of the businesses for which they work.
Secondly, Boston has a robust legal community. Many law firms have been around for several generations, and their families have continued to practice law in Boston for over a century. As Boston continues to grow and thrive, its legal profession will undoubtedly continue to play a major role both in the city and throughout the country.
The Best Law Firms in Boston
Boston is home to a number of leading law firms, many of which have been at the forefront of the legal industry for decades. These firms have earned a reputation for their expertise in various practice areas, including corporate law, intellectual property, litigation, tax law, and more. Some of the top law firms in Boston include Wilmer Cutler Pickering Hale and Dorr LLP, Goodwin Procter LLP, and Goulston & Storrs PC. Wilmer Cutler Pickering Hale and Dorr LLP is one of the largest law firms in Boston and is known for its impressive client roster, which includes Fortune 500 companies, leading academic institutions, and government agencies. The firm excels in various areas, including complex litigation, intellectual property, and regulatory compliance. Its attorneys are highly regarded for their expertise and have received numerous accolades from industry publications. Goodwin Procter LLP is another prominent law firm in Boston with a strong national and international presence. The firm specializes in private equity, venture capital, M&A, and other corporate areas. Its practice groups are complemented by a robust real estate, tax, employee benefits, and technology group. The firm has a long-standing commitment to pro bono work and community service, making it a popular choice among socially conscious clients. Goulston & Storrs PC is a full-service law firm with a particular focus on real estate, litigation, and business law. Its client base includes developers, financial institutions, and institutional investors. The firm has a long history in Boston, dating back to 1902, and has played a significant role in some of the city’s most prominent development projects. Its attorneys are known for their hands-on approach and deep understanding of the local market. Other notable law firms in Boston include BBO Private Search, Conn Kavanagh, Clyde & Co, Larocca Heath & Sachs, and Recon Research, which are all highly respected in the legal community and known for their commitment to client service and legal excellence. Overall, the leading law firms in Boston are diverse and cover a wide range of practice areas. They cater to a broad array of clients, from individuals and start-ups to large corporations and government entities.
Services Provided by Top Boston Law Firms
The range of services provided by major law firms indicates the breadth of clientele their expertise touch upon. In the area of business law, the giants of the Boston bar include many of the state’s top firms in corporate law, security law, transactions, commodity futures, mutual funds, and banking law. Other important fields include estate planning, intellectual property, criminal law, transportation, real estate, insurance, medical malpractice, entertainment, and more.
Litigation services provided by some of Boston’s top law firms cover all areas of civil and criminal law. In civil matters, these law firms help their clients with contract disputes, in corporate, construction, and divorce matters. Criminal cases include defense against DUI and DWI charges, as well as against all major felonies and misdemeanors. Many also provide support in arbitration and mediation.
A smaller number of Boston’s largest law firms focus on special areas of law such as bankruptcy, environmental law, international law, and patent law. A few law firms limit their practice to these areas entirely.
Certainly, the above is an incomplete list of the full range of services for which Boston residents can turn to their local law firms. Whatever the area of expertise, the Boston law firms have a strong reputation for providing competent and competitive legal services arm in arm with the other members of the Boston community.
How to Select the Right Boston Law Firm
When selecting a Boston law firm, there are several factors an individual or business should consider to ensure that they are making the best choice. First and foremost, the reputation of the law firm is paramount. This can be ascertained by reading online reviews, seeking recommendations from previous clients, or even inquiring with other attorneys in the area about the firm’s standing in the legal community. At the end of the day, the majority of clients’ experiences will shape the reputation of the firm.
While this is vital, a person or business should also consider the resources the firm has access to, as well as its attorneys’ expertise in the area of law relevant to their unique situation. Every attorney has a different skillset, and finding a firm with a team that fits your specific goals is essential. Client satisfaction and how clients feel about the service they receive is also a consideration that may assist you with making your decision.
The Role of Diversity in Boston Law Firms
The primary goals of diversity, equity, and inclusion (DEI) initiatives are to ensure that all individuals have equal opportunities within an organization and to promote a workplace where everyone, regardless of their race, ethnicity, sexuality, gender identity, or disability, is treated with dignity, respect, and has the space and opportunity to thrive. Ensuring diverse hiring practices in all industries has been an ongoing struggle, and the legal industry is no exception. Despite efforts to emphasize hiring diversity, both law student enrollment and law firm partner composition have remained predominantly white, male, and heterosexual. Major Boston law firms are implementing innovative programs to support and encourage DEI hiring practices and create an inclusive work environment.
One way that Boston law firms have implemented equity and inclusion practices is through employee affinity groups. Affinity groups provide a sense of community for underrepresented groups in law and create a space to discuss common challenges and experiences. As described below, the Boston offices of most large law firms offer formal affinity groups for women, people of color, LGBTQ individuals, lawyers with disabilities, and veterans.
Boston law firms have implemented innovative approaches to hire and recruit more diverse candidates. McCarter & English (one of the 100 largest firms in the US), which recently expanded their Boston office from 22 to 42 attorneys, was able to do so in part by hiring ten new associates in the fall of 2020. Many diversity hiring initiatives are spearheaded by the recruitment teams at law firms . The McCarter team uniformly discloses salary ranges for open positions to improve pay transparency and worked in partnership with Metropolitan Area Planning Council (MAPC) to offer a summer internship for MAPC student interns at their Boston office.
For 40 years, Ropes & Gray has held their Summer Associate Program as a formal part of their recruiting process. The program is a chance for the firm to evaluate "fit" and for the summer associates to get a taste of the culture at the firm. Because firms understand that it is essential to attract diverse candidates from a variety of backgrounds, many Boston law firms participate in various summer associate programs in the hopes that it will open their doors to diverse candidates.
Boston law firms have been recognized across the industry for their efforts to promote DEI practices. During the COVID-19 pandemic, the New England chapter of the National Diversity Council (NDC) established a law firm diversity, equity, and inclusion summit where law firms could discuss best practices for hiring, promoting, and retaining top diverse talent. The Newton office of LegVal received the NDC’s "Best Places to Work for Disability Inclusion" award in 2021, and WilmerHale has earned one of the "Best Law Firms for Women" awards for 14 consecutive years.
While Boston law firms have implemented various methods to promote diversity, equity, and inclusion in their practices and among their personnel, there is still much more work that needs to be done to achieve meaningful results.
Current Trends in the Boston Legal Market
The legal industry in Boston is undergoing significant transformations, reflecting broader global changes as well as local phenomena. Although a number of these trends are observable on a national scale, we will focus on three prominent developments in the Greater Boston area that are impacting the type of talent law firms in Boston are attracted to and the skill sets currently being cultivated.
Technology and Legal Research
The advent of technology has radically altered the legal profession in the last few years. While changes in every sector of employment have led to dislocation and distress, such is not the case for Boston’s law firms. In fact, technology has created an influx of opportunity in the legal field and has forced law firms to reallocate resources and identify new skills in potential recruits. Whereas lawyers were once tasked with hours of legal research, scrummaging through paper documents at courthouses to examine precedents in past cases, attorneys can now "Google" any matter and immediately receive an overview of potential cases or statutes that will inform their work. Predictive algorithms are also now used to determine outcomes based on previous rulings by various judges. In order to remain competitive, the work of legal research will increasingly be performed by computers with little human input. In the Boston area, law firms such as WilmerHale, in addition to focusing on educational qualifications, are increasingly looking to see if candidates have experience in computer science or coding. Even if a recruitment firm in Boston is not looking for a candidate who will be involved directly with new technology, they still want to know if candidates can familiarize themselves, quickly, with novel technology that may impact their work.
Remote Work
Especially in the wake of COVID-19, remote work has become one of the hottest topics not just in the B2B sector, but every industry from finance to education. No longer are employees tethered to their cubicle or office, and Boston law firms are beginning to mimic the more progressive work-from-home policies prevalent in the tech sector. For example, in 2019 BCG Attorney Search wrote about the trend of law firms in Boston embracing sophisticated new office spaces as law firms such as Ropes & Gray moved from 125 High Street in the Financial District of Boston to One International Place in the weekend-preferred Seaport District.
However, it is important to note that not all Boston law firms embrace this trend. Firms such as Mintz Levin Morton Peak Fischer have held steady to their bricks and mortar locations and continue to invest in high-rises on High Street. On the whole, it seems that Boston remains a harbinger for activity as many firms are ready to position themselves to take advantage of changing practices, mobility and the digital era.
Regulatory Changes
Changes in regulation, like many trends discussed here, take place both nationally and locally. As the Biden administration looks to restrict the capacity of predatory monopolies, Boston law firms are also looking to align themselves with human rights and environmental groups fighting for civil justice. With the launch of the Financial Development Corporation, Boston attorney firms are positioning themselves as leaders in the industry, ready to tackle predatory lending and default cases. For candidates seeking a legal recruitment Boston firm, it’s important to look beyond a firm’s specialty and in what way the firm leverages their existing strengths, and knowledge to navigate their legal practice.
The Future of Major Boston Law Firms
Looking ahead, Boston’s top law firms are likely to undergo both predictable and unpredictable changes. One thing is certain: with the growing cost of living in the Boston area, firms will be compelled to pay even more competitive salaries to attract and retain top talent. This pressure will be exacerbated by the possibility that firms in other legal centers in the Northeast such as New York may begin to ratchet up their salaries to prevent lateral losses to Boston firms, and even poach Boston’s best talent themselves. Firms with low- to mid-tier profit margins (even in good economic times) will likely find it even more difficult to raise compensation, and may well lose top talent to competitors that can.
Meanwhile, with corporate costs ever-increasing, many of Boston’s largest law firms may lean on their roughly 60 prestigious clients to pay a greater share of the firms’ costs in wages and benefits as the most likely way to maintain current staffing levels and continue to offer a full range of services. However , some clients will resent being expected to finance for their outside law firms’ rising compensation costs. If sufficient numbers refuse, the price that Boston’s top firms charge their clients may have to increase, which could lead to year-over-year losses in some firms’ annual topline revenues.
With the market for legal services continuing to move inexorably towards the commoditization of many core corporate and securities services, it is likely that the landscape of top firms in Boston will in due course change. Best practices suggest the following strategies:
Adopting these best practices increases the odds that, when the dust settles from the changes inevitable in any "market correction", the relatively few firms that survive will be substantially stronger and better positioned for the next round.