Richmond’s Top Legal Contenders
We are carving out the top legal firms in Richmond and Virginia, with an eye towards identifying the biggest law firms in Richmond.
The first law firm listed here is Williams Mullen. The firm is a regional titan, which originally came together in 1904. It has seven offices, with attorneys in Richmond, Norfolk, Roanoke, D.C, North Carolina and South Carolina. The firm has 191 attorneys. Williams Mullen has one of the largest real estate practices in the southeastern region of the U. S. , and its government, healthcare and communications practices also lead the region. They have a very large lender representation practice, and also do insurance defense.
The second largest law firm in Richmond is McGuireWoods, a 950 lawyer firm. McGuireWoods represents clients around the world, but its headquarters is in Richmond. It has more than 23 offices in the U. S., and is also located in Europe and Asia. Its headquarters in Richmond is a powerhouse. The firm has every major practice covered.
Historic Significance and Growth
The largest law firms in Richmond, VA have developed through a rich history that has defined who they are and helped them grow both individually and as a collective group. Two of the largest law firms in Richmond, for example, have deep ties to the Commonwealth, with McGuireWoods beginning as a one-room operation in 1834. Since then, the firm has expanded to over 900 lawyers and 23 offices across the U.S. and in Europe and Asia. Williams Mullen has experienced similar expansion; founded in Richmond in 1898 as a 2-room office, the firm now employs over 200 attorneys in both Virginia and North Carolina.
One of the factors contributing to these firms’ successes, in addition to years of quality legal work, is their relationships with clients. The firms’ dedication to their customer base is rewarded with opportunities to expand and grow along with their clients’ needs. As a result, these firms’ practices have expanded to include numerous other areas, resulting in the large multi-disciplinary firms they are today.
Areas of Practice and Expertise
In our journey through the largest law firms in Richmond, VA, we find that most of these firms offer a wide range of practice areas and specializations across various industries. Some of the most commonly represented practice areas are litigation, real estate, employment and labor, intellectual property, corporate and commercial law, tax law, and trust and estate planning. Many of these firms have additional practice groups that focus on niche areas such as energy and utility law, transportation, environmental law, ediscovery, healthcare, intellectual property, real estate and zoning, and appellate law.
For example, some firms may have dedicated energy and utility practice groups that advise energy companies and customers about regulatory matters, mergers and acquisitions, rate cases, power purchase agreements, and conservation programs. Others may provide services to utility clients on issues related to their electric, gas, and water companies as well as phone companies. Similarly, your railroad and trucking clients may come to lawyers in Richmond that are familiar with all forms of transit operations, transportation-related tariffs, and statutes, including anti-trust matters and labor and employment issues. In addition to railroads and motor carriers, these firms represent companies involved in bus, riverboat, ocean, and other transportation.
Natural resources companies may turn to Richmond energy attorneys who provide advice on environmental regulation issues and represent clients before state public service commissions and regulatory bodies. These lawyers often have experience with facilities located in Virginia as well as in West Virginia, North Carolina, Kentucky, Tennessee, Ohio, and others. Of course these law firms are generally also involved in appellate law concerning natural resources and environmental legislation to represent these energy and natural resource companies.
Evolving technology and the growing complexity of intellectual property assets have resulted in a new class of lawyers skilled in IP issues with an awareness and an understanding of the nature and the value of complex IP portfolios. Richmond law firms with IP groups will provide a full range of legal services, including litigation and discovery services for pioneering computer systems, and technologies. IP lawyers in Richmond are familiar with computer applications, e-commerce, privacy law, advertising, telecommunications, web-site, social media, channel partner licensing, branding, and security laws, and issues.
In addition, commercial real estate and construction clients turn to Richmond lawyers for counsel on all aspects of large scale development projects and routine leasing issues. Infrastructure in Richmond is not only limited to buildings, but also includes energy, transportation, technology, and health care. And Richmond attorneys have a deep understanding of the local real estate and development environment and can provide litigation and transactional services. These attorneys also monitor litigation to help clients avoid unnecessary expenditures as well and to mitigate risks.
Impact on the Local Economy
The largest law firms in Richmond, VA, act as a professional backbone for its business community. They contribute in a myriad of ways: providing numerous high-paying jobs and vast amounts of legal services to clients; providing local charities with their expertise in the form of probono legal work; and being connected with the most influential business leaders in the area.
Large law firms are an enormous source of employment for Richmond’s professional class. For example, Hunton & Williams has more than 400 attorneys in 1200 total employees. That’s a lot of positions open , and lots of different roles that help run the practice. Of course firms with fewer than 400 employees are right there on their heels. Baker Donelson has 234 attorneys and more than 400 total employees at their Richmond location alone. If you’ve got the expertise to work in a law firm, Richmond is a great town to reside in.
Of course large firms conduct business with individuals and corporate entities outside the local area and state. The competition for work causes the firms to be very involved in the efficiency of their staff so that they may have the latitude to offer lower prices to the client.
It is easy to see how the largest law firms in Richmond, VA, have an outsized impact on the economy of the entire region.
Firms to Consider
The first step in the process of choosing a law firm in Richmond is identifying the size firm that is right for you. In terms of numbers, Richmond has a sizeable number of law firms with 100+ attorneys. Twelve of these firms are based on the Virginia Business list of largest law firms in Richmond based on combined number of attorneys. Here are some things clients should consider when selecting a firm.
There are many factors to consider in selecting a law firm. For example, what is the anticipated scope of the representation? If the matter involves litigation, will it likely necessitate lengthy litigation, or not? How important is it to have a team of attorneys on the matter, and are those attorneys likely to be accessible to the client during the course of the representation? We would always advocate the client’s right to determine whether its attorney(s) are accessible to the client, and conversely, that the client work is managed by the attorney primarily responsible to the client and not an army of junior associates.
It is difficult to give specific advice as to the number of attorneys that may make sense. Large firms are sophisticated and have access to experts and research tools, but also can be very expensive. Solo practitioners or small firms can be more flexible in fees and approaches, but at the expense of the depth of bench. The decision is something for the client to consider based on its needs and budget.
Large firms may have access to technology tools that streamline certain tasks that can be costly. Large firms may also have access to attorneys who have significant experience on a certain point, which can be particularly valuable to the client. That said, generally, large firms have higher overhead (larger offices, more lawyers, etc.) which can make their rates significantly higher than smaller firms and lawyers working in a more low-cost environment. Many times, the large firm’s ability to field a team of lawyers ("wings") on a matter may give a client significant value, so that is also a consideration. Having an army of junior lawyers (older partners notwithstanding) can drive up legal bills. That is a big reason why many of the largest law firms struggle to maintain their profitability. While it sounds appealing to some clients to have a team of lawyers working on a deal, if 6 lawyers are needed to do an agreement that a mid-sized number of lawyers could do, that can be a difficult pill to swallow.
Lateral opportunities abound in the legal marketplace, and both large and small firms are vying for small- or mid-sized firms looking to merge. It is very common for lawyers to move from one firm to another, or to start up their own firms all the time. As such, firms that appear on the list published by Virginia Business in 2017 may look different in 2018. This annual, published list may be used by clients to identify potential counsel, but the list should not be the only factor utilized. Another consideration is how long the firm has been in existence. Although they may be hard to find, there are some firms that have been around a long time. These firms have had time to develop a culture that may appeal to you. Also, since their carry forward costs are lower than a big firm, but they have name recognition, they might be a perfect combination for you.
Be selective when asking large firms in Richmond to vet or refer you. As you visit and talk to your list of Richmond firms that you are considering for legal representation, hopefully, you’ll get a sense of whether that firm is well respected, has a good reputation in the community; how long have they been around; whether they can handle your matter; and whether the lawyers have the requisite skills, background and experience to work on your matter. It is not unusual for large firms to refer you to their countries office for representation in that matter. For example, if you are in litigation with a national company, a large Richmond law firm many only represent clients in Texas. On the other hand, a solo practitioner may have represented clients in a large number of states because such matters are often monitored through technology.
As always, the Reynolds Business Law Blog welcomes your comments, concerns, criticisms and suggestions.
Future Prospects
A key indicator of a thriving legal market is growth. Based on this measure, the future of Richmond’s largest law firms looks bright. Nearly all have a positive outlook, many with more than 50 openings. None are trimming their payrolls, and most are always looking for additional lateral hires. These firms will play an active role in meeting the growing demand for legal services in a dynamic local marketplace.
For instance, Jackson Lewis is looking for six attorneys to take its team from 32 to 38, plus four professional staff members. Hunton Andrews Kurth has plans to add eight attorneys on a broad basis and another administrative person. LeClairRyan is looking to grow by 70 total openings, including partners, associates, and professional staff. Williams Mullen envisions a three-person increase across all levels. McGuireWoods expects double-digit associate growth over the next two to three years, which, combined with its current staffing, will keep them in the top tier. Even smaller firms such as Williams Mullen plan to add several more professionals this year.
Opportunities are also expanding for solo practitioners and practitioners starting their careers. According to Richmond’s Metro Business Guide, law student employment rates for 2017 and 2018 graduates are 80 percent at the state level and 70 percent and 56 percent respectively at the national level , making this an optimal time to begin practicing law solo. The same goes for practicing lawyers who have been in the field for six months. For young firm lawyers, Drexel School of Law’s Experiential Learning Network Program offers internships in Richmond law firms worth in the range of $60,000.
The anticipated growth of Richmond’s legal market has more than a few drivers. First, vendors such as court reporting and deposition agencies have all indicated growth expectations through summer 2019. Each vendor surveyed in the recent Richmond Legal Market Survey highlights the importance of more attorneys and greater demand for services among their business plans.
Second, Richmond law schools, especially those focused on experiential learning, are churning out more qualified attorneys who will avail themselves of, and create, opportunities. With demand currently surpassing supply, the potential for upward mobility will draw recent graduates to Richmond, hungry to fill the void.
Third, the continued presence of megafirms in Richmond—Hunton Andrews Kurth, McGuireWoods, and Troutman Sanders—continues to reinforce both their presence and diversity in the Richmond market. They help develop Richmond as a platform for the larger Southeastern market.
