Recently, two influential leaders at the U.S. virtual law firm FisherBroyles, Joel Ferdinand and Michael Pierson, have formally resigned from their roles. This departure is accompanied by plans to establish a new legal venture, potentially incorporating a significant portion of FisherBroyles’ existing legal talent.
Leaders’ Resignation and Anticipation of New Venture
Joel Ferdinand, the former managing partner of FisherBroyles’ litigation department, and Michael Pierson, who was managing partner of its corporate department, released a joint statement on Friday confirming their resignation. The statement alludes to the impending announcement of details regarding their “significant new venture.”
Potential Exodus of Lawyers
Reports suggest that up to 140 lawyers from FisherBroyles have received offer letters to join the envisioned new firm. However, FisherBroyles’ leadership contests this figure, asserting its inaccuracy. According to an email from Fisher, the firm does not expect the number of departures to reach anywhere near 140.
FisherBroyles’ Confidence in Future Prospects
Fisher, in response to the leadership resignations, conveyed confidence in the firm’s outlook for the year 2024. While confirming Ferdinand and Pierson’s resignations effective December 31, Fisher aims to dispel any notions of a mass exodus.
FisherBroyles: Pioneering a Unique Legal Model
Describing itself as the most prominent “distributed” full-service law firm, FisherBroyles operates with around 300 lawyers across the United States and London. The firm boasts a nontraditional model where all attorneys hold partner status, and remote work is a predominant feature. FisherBroyles contends that this approach allows lawyers to take home up to 80% of their billed amounts.
Financial Landscape and Recognition
Having been consistently ranked among the top 200 U.S. law firms by revenue since 2021, FisherBroyles reported generating over $135 million in revenue in 2022. This financial success is noted by The American Lawyer, which covered the recent leadership departures.
Areas of Expertise of Departing Leaders
Michael Pierson, who served on the firm’s executive committee, specialized in advising banks, financial institutions, private funds, and corporate clients. On the other hand, Joel Ferdinand focused on business litigation matters, contributing to the diverse skill set within FisherBroyles.
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