On The Future Of Boies Schiller
Name partner Jonathan Schiller shares some secrets to the firm's success.
Jonathan Schiller (photo by Boies, Schiller & Flexner)
This year marks the twentieth anniversary of Boies Schiller Flexner, which was founded in 1997. Over the past two decades, the litigation powerhouse has made a name for itself by handling — and winning — some of the biggest cases in the country.
This courtroom prowess has made Boies Schiller one of the most prestigious and profitable law firms in the world. And BSF partners share the wealth with their associates, in the form of generous bonuses that can go as high as $350,000 in some years.
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What are the secrets to the firm’s success? In a wide-ranging interview with David Parnell of Forbes, co-founder and managing partner Jonathan Schiller revealed some of them, touching on such topics as risk management, talent acquisition, and the use of technology.
The whole interview is worth reading, but here are two portions, both relating to the future of the firm, that jumped out at me. First, on the importance from a rainmaking standpoint of David Boies, Jonathan Schiller, and Donald Flexner:
Parnell: Now, from a client intake standpoint, and perhaps even relationship ownership, I’m assuming the name partners are the ones who have most of the relationships, are indeed the rainmakers. Is that true? Are there other rainmakers in the firm that are bringing in large books of business? How diversified is that?
Schiller: Well, the answer is “yes” as to “other rainmakers,” and that has been the trend for the past ten years. There was a time when the managing partners were responsible for more than 60 percent of the business. We are well below that now – well, well below that, as reflected in a graph we prepare each year for the partnership that breaks down the business and everyone’s performance and contribution to that business. We track the origin and leadership of clients and those responsible for individual cases as part of our entrepreneurial incentives. We all know from the data how hard each of us is working year over year. We also document the growth of 40-50 partners who are building substantial client relationships, and perhaps most importantly, generating interesting, major cases and investigations, and diverse problems for our teams to solve.
Given the high profile of David Boies, Biglaw’s most famous practicing lawyer, some have wondered whether BSF business development depends too heavily upon him, Schiller, and Flexner. But based on Schiller’s remarks, it sounds like the name partners are responsible for less than half of the firm’s business these days.
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The next generation of partners, featuring young superstars like Karen Dunn and Michael Gottlieb, is stepping up to the plate. And the firm continues to make new partners and hire top laterals — such as Travis LeBlanc, who recently joined the firm after serving as chief of enforcement at the FCC.
The second comment that jumped out at me was made quite casually by Schiller:
Parnell: The firm is, obviously, very well-known from a litigation and arbitration standpoint. But you do have what appears to be a full-service offering – I know that you do some corporate work. Is there an interest in balancing the practice portfolio? Or is there an eye towards that as you move into the future?
Schiller: We haven’t really made an effort to grow that business, which is successful but small – it’s always been less than 10% of our budget. And I see us winding down that business line going forward.
Protip: don’t go to Boies Schiller to do corporate work.
I found this tidbit a little surprising — given my knowledge of the practice’s strong track record, plus the fact that it’s led by Christopher Boies, son of David — but if it does eventually happen, it wouldn’t be a total shock. We are in a period of Biglaw retrenchment; firms are focusing on their cores, parting with practices or offices that aren’t essential to who they are. Boies Schiller has a solid corporate practice, but at the end of the day, it’s most famous for litigation and arbitration.
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Congratulations to Boies Schiller Flexner on its 20 years of success, and best of luck to the firm as it enters its third decade.
P.S. This kind of success comes with rich rewards. See, e.g., Jonathan Schiller’s $5 million Lawyerly Lair, previously covered in these pages.
UPDATE (3/14/2017, 4:45 p.m.): That was fast! The BSF corporate practice — partners Robert Leung, Mike Huang, Stefan dePozsgay, Jason Hill, and Russell Franklin, plus several associates — is joining Paul Hastings. Christopher Boies is not moving with the group; he’s joining a Boies Schiller client.
Jonathan Schiller Of Boies Schiller: “We Had Ideas About How A Good Law Firm Should Be Managed.” [Forbes]
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David Lat is the founder and managing editor of Above the Law and the author of Supreme Ambitions: A Novel. He previously worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz; and a law clerk to Judge Diarmuid F. O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit. You can connect with David on Twitter (@DavidLat), LinkedIn, and Facebook, and you can reach him by email at dlat@abovethelaw.com.
