Carlton Fields grows consultancies as law firms diversify their businesses - Tampa Bay Business Journal - Philadelphia Business Journal
When companies outgrow business models, they often face uncertainty about how to grow.
For law firms, this could spell opportunity.
Law firms around the country are beginning to leverage collective knowledge to help business clients solve complex problems and grow. In 2020, Carlton Fields created three consultancies, separate from its law practices in human resources risk management, compliance and diversity, construction services and the development of blockchain-powered applications. Now it is adding a fourth in cyber services.
“We spend a lot of time talking to clients about what’s on their minds and what they want to see and what they need to run their businesses,” said Gary Sasso, the firm’s president and CEO. “The idea is to achieve some diversification of our own business, so we’re not exclusively dependent upon the billable hour.”
The focus on tech aligns with the legal industries’ growing investment in technology, in part a response to pandemic workflow efficiencies and to guard data. In February, Gartner said legal technology will eat up four times more of law firm legal department budgets by 2025.
“It’s a way to really double down, create scalable products and services,” Sasso said.
For example, its blockchain consultancy is paired with a Korean blockchain company that’s well established in the certification of halal food in the Middle East, which is a trillion-dollar industry.
“We have a very tight relationship with that entity, and we are already in the process of launching a new blockchain-supported insurance product,” Sasso said.
EnlargeGary Sasso, president and CEO
In an August announcement establishing advisory services in strategy, operations, marketing and technology, Houston law firm Gray Reed said it had “uncovered gaps between what our legal services can provide and the additional business advisory services some of our clients need.”
At Carlton Fields, the consultancies generally charge a fixed fee, competitive to other businesses. For a construction consultancy, the firm gathers consultants and independent contractors. They dive in and charge whatever rates are customary in that industry, and the firm takes a percentage of that.
Carlton Fields is the region’s fourth-largest law firm, according to Tampa Bay Business Journal research, with 100 local attorneys as of January. It has 11 offices, including five in Florida.
Largest Law Firms in Florida
Ranked by Florida attorneys
| Rank | Business name | Florida attorneys |
|---|---|---|
| 1 | Cole Scott & Kissane PA | 506 |
| 2 | Morgan & Morgan | 430 |
| 3 | Akerman LLP | 370 |
| View This List | ||
source: https://www.bizjournals.com/tampabay/news/2021/10/25/carlton-fields-grows-consultancies.html
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