Billionaire Ken Griffin`s move to Miami comes amid a wave of private investment in South Florida. One of the hedge fund mogul`s top law firms has already beaten Griffin there. Remote work during the pandemic has allowed some lawyers to move to Miami for personal reasons, such as the hot climate and no state income tax, followed by law firms, legal industry observers said. “They`ve seen other companies enter this market, and the motivation to look at this market, I think, has evolved with the market itself,” said Enrique Martin, who left Jones Day to lead Winston & Strawn`s new Miami office. But Miami always starts with a historically smaller legal market and lawyer talent pool than many other cities where large corporations have built their ranks. Hogan Lovells is a global mega-corporation with more than 50 offices in the United States, Europe, Latin America, Asia, Africa and the Middle East. The firm has more than 2,800 lawyers, making it one of the largest law firms in the world. The emergence of a. “Obviously, it has not escaped our notice that during the pandemic, Wall Street firms have moved some of their operations to South Florida,” said Randy Bassett, managing partner of King & Spalding`s Miami office, which opened earlier this year. As a leader in restructuring, mergers and acquisitions, private equity and litigation, Weil, Gotshal & Manges has long been one of the world`s leading law firms. The firm has pioneered key areas of law such as corporate governance, private equity and.
A Citadel spokesperson declined to comment on the relationship with Quinn Emanuel. Other firms that have regularly represented Citadel companies in court include Chicago-based Bartlit Beck, Winston & Strawn and Foley Lardner, who have long had offices in Florida. Some companies, such as Quinn and Winston, are poaching local talent to open up the new outposts. Others, like Kirkland and King & Spalding, are beginning to move lawyers from other locations to the Sunshine State. Florida has long been home to major law firms, including Greenberg Traurig, Holland & Knight and Akerman. Miami has also served as a bridge for U.S. lawyers working with Latino clients. “We`re starting to see a leak to quality,” Josh Dull, a Florida legal recruiter, said in an interview. We have a new type of company in Miami, and you still want to play for the Yankees. If you have the opportunity to move up the food chain, a lot of people want to take advantage of it.
The city`s legal talent pool is still small compared to New York, Washington and Chicago, according to Frank, the recruiter. The decision by some companies to parachute in several strong partners from other regions to open an office in Miami could be positive for the city, she said. Kirkland, Winston & Strawn join major law firms flocking to Miami Law firms went west in 2021 to find new markets Some newcomers such as Kirkland & Ellis and King & Spalding have “jumped in” to Miami and moved lawyers from elsewhere to open the new offices, Dull said. Sidley Austin and Winston & Strawn — companies that have also advised Citadel — are among others that have chosen to plunder the talent of their competitors in the city. Newcomers who want to grow up have the resources to poach lawyers from local law firms. And to attract lawyers traditionally likely to end up in places like New York, Chicago and Washington, D.C., Kirkland — the world`s largest law firm — is looking for new employees at Ostolaza`s alma mater. The company recently joined the University of Miami campus recruitment program, according to Professor Michele DeStefano. She expects the influx of firms to also attract aspiring lawyers from other schools.
Large companies outside the city have already opened offices in Miami, such as Reed Smith and Polsinelli in the 2010s. But this series of inputs could herald a larger influx. Kirkland & Ellis, the world`s largest law firm, and Winston & Strawn announced Thursday the opening of new offices in Miami. They are the latest in a wave of large law firms that are expected to continue moving to the Magic City, which has seen an influx of private equity and technology firms in recent years. “The range for talent-level people, in terms of prices that would fit well, and the types of clients that some of these firms want to see, is limited,” said Joshua Dull, a Miami-based partner at legal recruitment firm Major, Lindsey & Africa. Miami is Big Law`s new destination as the city looks to reshape itself and businesses follow customers as they move south. While Citadel, which Griffin announced in June would move its headquarters to Florida, Apollo Global Management and Andreessen Horowitz are coming to Miami, as are major law firms like Quinn Emanuel. This has sparked a recruitment war in a limited pool of legal talent.
Dubbed the gateway to Latin America for many years, Miami`s status as a legal center has grown significantly in recent years. Lower tax rates and a lower cost of living, coupled with an attractive climate and environment, have attracted a significant number of New York lawyers to Miami, as well as many others from across the country. For those who want to serve the Latin American region, it makes sense to offer shorter, more direct air connections to most of the major capitals and commercial centers of these states. Although the number of people entering and leaving Latin America during the Covid-19 pandemic has decreased significantly, Miami remains a melting pot of Latin American cultures. More than 70% of the population is Hispanic and although the largest group remains Cuban, the percentage of the rest of Latin America is increasing considerably. U.S. companies with significant exposure to the region or a specific Latin American practice have long understood the benefits of a strategic base in Miami, with the law firm Quinn Emanuel Urquhart & Sullivan, LLP opening an office in May 2021. It is worth noting, however, recent phenomena where some local companies from across the region have wanted to establish a commercial presence in the city – as in the case of the Chilean company Carey, which opened a representative office in October 2021. The price difference could be a challenge for law firms, which are used to punishing clients more deeply elsewhere. Financial firms Elliott Management Corp, Thoma Bravo and Citadel all said they were flocking south. Kirkland & Ellis and Winston & Strawn`s recent office openings in Miami make it the latest popular city for large law firms eager to track the migration of lawyers and clients south during the COVID-19 pandemic.
Private equity giant Apollo Global Management caused a stir last year when it announced it would open an outpost in South Florida to attract and retain talent. The company is temporarily moving to downtown Miami, leased by Greenberg Traurig, one of the largest companies founded in Florida. “It`s unprecedented that this amount of talent and capital is moving from the client side in one place,” said John O`Sullivan, co-managing partner of Quinn`s Miami office. “I think it will continue to give them fuel to grow,” Frank said. Greenberg Traurig LLP`s Miami office, the firm`s headquarters, has long-standing ties to Latin America. Although the Latin American senior team has undergone some changes in recent years, this has not affected the company`s performance, as a renewed management group deserves the recognition it deserves. This includes leveraging existing in-house expertise, including a leading position in PSPC-led transactions and private placements, as well as leveraging financial regulatory specialization to target Latin American asset managers investing in the U.S. Mexico and Central America have been key regions for the firm over the years, although it is also building a thriving practice in South America. The Miami office also offers an almost unparalleled range of services and specializations for the Latin American market. Yosbel Ibarra is co-managing shareholder of the Miami office and has an excellent reputation for mergers and acquisitions and corporate transactions in Latin America.
Antonio Peña is another key M&A specialist in Miami with a good history of transactions in the region. Giovanni Biscardi is a leading name in Brazilian cross-border transactions and mining companies in the region. Benjamin Greenberg excels in the white-collar crime, investigation and compliance segments and is an important member of the practice in Latin America. Robert Downing is an experienced figure in energy and renewable energy projects in Latin America. Ozzie Schindler is known for tax planning for high net worth clients in Latin America. The Miami office also hired Joseph Mamounas, a Latin America-focused international litigation and arbitration specialist, Holland & Knight LLP, in April 2021.