What's Happening?
Broadfield, a UK law firm, has announced the opening of its first US office in New York City. The firm, which was formed through a partnership between SHP Legal Services and BDB Pitmans, aims to provide international businesses with cost-effective legal representation. The New York office will start with five US partners, including Michael Volpe, a labor and employment lawyer. Broadfield's business model focuses on reducing costs by utilizing back-office management and technology services provided by SHP, a subsidiary of LSS Strategic Partners. This expansion is part of a broader trend in the legal industry towards 'alternative business structures,' which allow firms to operate more efficiently by contracting with service providers.
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Why It's Important?
Broadfield's entry into the US market represents a shift in the legal industry towards more innovative and cost-effective business models. By reducing hourly billing rates, the firm aims to attract clients looking for high-quality legal services at lower costs. This move could disrupt traditional law firm models and increase competition, particularly in the areas of corporate transnational practices, commercial litigation, and labor and employment law. The firm's approach may also influence other legal entities to explore similar structures, potentially leading to broader changes in how legal services are delivered in the US.
What's Next?
Broadfield plans to expand its presence in the US, with potential offices on the West Coast, as well as in Chicago, Houston, and Florida. The firm will continue to build its team by leveraging its network and SHP Legal Services for new hires. As the legal industry continues to evolve, Broadfield's model may serve as a blueprint for other firms seeking to adapt to changing market demands and regulatory environments.
