Philadelphia Law Firm Snares Half of Holland & Knight’s Attorneys
In a significant development in the legal world, Polsinelli has successfully attracted 47 lawyers from the renowned firm, Holland & Knight, with 35 of them setting up a new office in Philadelphia. The move includes 30 partners, one counsel, and 16 associates, as detailed in a press release on Aug. 8. This announcement clarifies the earlier speculations, which had underestimated the number of lateral moves.
The news has garnered attention from various publications such as Law360, Reuters, and Law.com, highlighting the scale of the transition. Reuters reported that Holland & Knight witnessed a substantial reduction in its Philadelphia workforce due to this shift. However, the firm emphasized that it still retains close to 40 attorneys in Philadelphia, stressing their expertise across diverse practice areas and their commitment to expanding the local office.
Polsinelli, on the other hand, is optimistic about the strategic advantages of this partner acquisition, particularly in enhancing their capabilities in executive compensation and employee stock ownership plans, positioning them as a leading practice in the nation. Apart from bolstering their presence in Philadelphia, the incoming lawyers will also join Polsinelli’s offices in key cities like Los Angeles, Miami, and New York, among others.
The lateral hires from Holland & Knight mark a significant event in the legal landscape, with Reuters labeling it as one of the noteworthy law firm movements this year. This trend of large-scale transitions is evident from previous instances like the migration of lawyers from Moye White to Fennemore Craig and the shift of professionals from Munger, Tolles & Olson to Baker McKenzie.
Reflecting on historical parallels, Law.com drew comparisons to Paul Hastings’ recruitment of restructuring lawyers from Stroock & Stroock & Lavan in a similar fashion two years ago, emphasizing the cyclical nature of talent reallocation within the legal industry.
As the legal profession continues to witness dynamic changes and strategic realignments, the recent migration of attorneys from Holland & Knight to Polsinelli underscores the competitive landscape and the evolving priorities of law firms in adapting to market demands and client needs. This trend not only reshapes the legal market in Philadelphia but also reflects broader shifts in the industry as firms seek to enhance their service offerings and geographical footprint to stay ahead in a rapidly changing environment.