New Firm Makes Off With Nearly Half Of FisherBroyles

Article by: Aebra Coe
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Following years of rapid growth, distributed law firm FisherBroyles is seeing a mass departure of attorneys after two former managing partners left the firm to create a more than 130-lawyer competitor, which was officially launched Tuesday.

Pierson Ferdinand LLP launched with commitments from over 130 lawyers from FisherBroyles, according to an announcement from the new law firm, which is led by two former managing partners of FisherBroyles, co-chairmen Michael Pierson and Joel M. Ferdinand.

All the lawyers set to join the new firm are partners. The FisherBroyles distributed model, in which attorneys are location-independent and can work virtually or in an office, does not include other categories of lawyers. The firm had just under 300 lawyers at the end of 2022, which means that a departure of more than 130 lawyers will nearly halve the firm's headcount.

"We are extremely proud to open Pierson Ferdinand with over 130 partners, making it one of the largest law firm launches in U.S. history," Pierson said in the announcement Tuesday. "We have put our people, culture and clients above everything else. Our partners have practiced together for many years — and in some cases, decades. We foresee a smooth transition to, and seamless client service delivery at, Pierson Ferdinand."

In addition to Pierson and Ferdinand, the new firm's leadership includes Managing Partner and co-general counsel Landon Speights, Chief Financial Officer Meredith Mendes and Matthew Bradley, chief operating officer for business operations, the firm said. Ferdinand will also be co-general counsel.

The new firm will embrace the same distributed model that FisherBroyles uses, which is primarily defined by a virtual workplace. "Our commitment to innovation, respect, diversity and inclusion will be the hallmarks of our firm, in addition to enabling our lawyers to efficiently practice their craft and provide strong results for clients," Ferdinand said.

The firm's lawyers cover more than 80 practice areas and 20 legal markets, the firm said.

The rise of Pierson Ferdinand deals a blow to what has been continued growth for FisherBroyles, which was founded in 2002. The firm first entered the Am Law 200 in 2021, reflecting its 2020 financial results, making it the first distributed law firm to earn that ranking.

In 2021, the law firm's revenue grew 29.3% from its already groundbreaking 2020 results to hit $136 million, and its headcount grew by 18.5%. However, the growth flattened in 2022, with reports that year-end revenue landed at $135 million, and headcount fell slightly from 295 to 291.

As of Tuesday, the law firm listed about 200 lawyers on its website.

A spokesperson for FisherBroyles did not immediately respond to a request for comment on Tuesday.