Ten years ago, two law firms with deep Chicago roots—Winston & Strawn and Mayer Brown—both outlined plans to expand in New York. A decade later, the two are still short of the aspirations they had when they mapped their expansion.
New York holds an incomparable lure for law firms. Rates run higher there than in any other U.S. market, and for many firms looking to enhance profitability, higher rates are the go-to strategy.
In 2014, the average New York partner billed at $772 per hour, according to recruiting firm Major Lindsey & Africa, making the average Chicago partner a bargain at $628.