Legal SpotlightNovember 22, 2013 – In The News
Mark Silow was profiled in the U.S. News & World Report article "Legal Spotlight." While the full text can be found in the 2014 Legal Issue of U.S. News & World Report, a synopsis is noted below.
When Mark Silow was named managing partner of Fox Rothschild in Philadelphia in 2005, the economy and legal industry were booming. When the recession hit just a few years later “the dynamics of the profession changed profoundly,” Silow said. “ The shift of power flowed back to the clients.”
Fox responded to the recession with a multi-pronged strategy, including boosting several niche practice areas.
One practice that has proven especially lucrative, Silow says, is gaming. “Gaming has spread dramatically to many other states, on the east coast in particular,” he said. “As the reputation of our gaming group has grown, it has received engagements beyond the northeast, including the Caribbean and Las Vegas.”
In response to cost pressures from clients, Fox has experimented with alternative staffing arrangements, including hiring working moms who want to be part-time lawyers and other lawyers who aren’t interested in climbing the traditional law firm ladder. “There are lawyers who are skilled but don’t want to be on the partner track,” Silow says. “They just want to do good work within a finite number of hours. Those lawyers generally can be paid at a lower rate, which means we can charge them to the client at a lower rate.”
Cutting costs will only get a firm so far, Silow admits, so Fox has also been getting creative with its marketing strategy, including utilizing blogs and social media. “What’s surprising to me is that some large, sophisticated clients get interested that way,” he says. “They’re responding to social media.”
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