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In a recent announcement, Matthew Schwartz, the chair-elect of prominent U.S. law firm Boies Schiller Flexner, outlined the firm’s strategic plans for expansion in 2024. The firm, which has undergone significant changes in recent years, anticipates “modest and opportunistic growth” during Schwartz’s tenure, leading up to his official assumption of the role in 2025.
Leadership Transition
Schwartz, a former federal prosecutor based in New York, was elected by the partnership to succeed the firm’s founder, 82-year-old David Boies. Schwartz is set to work alongside Boies throughout the next year to ensure a seamless transition.
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Growth Strategy and Outlook
Speaking with Reuters, Schwartz expressed confidence in the firm’s robust pipeline of cases, revealing plans to augment its legal talent to meet growing demand. However, he noted that the firm is unlikely to return to its peak size of 320 lawyers in 2018, when it grossed $420 million, as it has undergone substantial changes, including the departure of prominent partners.
Recent Success and Associate Salary Adjustments
Highlighting the firm’s recent success, Schwartz indicated that 2024 is shaping up to surpass the previous year’s achievements. Boies Schiller, in line with industry trends, has also announced increased associate salaries to attract and retain top legal talent.
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Notable Cases and Future Recoveries
Boies Schiller has a series of high-profile cases scheduled for trial and significant settlements on the horizon. One notable potential recovery is a $667 million legal fee award linked to a $2.67 billion civil antitrust settlement with Blue Cross Blue Shield Association and member plans. While the firm did not disclose its stake in the case, the payout has faced delays due to ongoing appeals.
Key Cases in Focus
Among the firm’s recent cases, a standout is a $5 billion proposed class action filed in June 2020 against Google, alleging invasion of privacy through the covert tracking of internet use. Additionally, Boies Schiller filed an antitrust lawsuit on behalf of sports trading card company Panini America against rival platform Fanatics in August. The defendants have staunchly denied any wrongdoing.
Boies Schiller’s Founder and Ongoing Involvement
While David Boies steps down from the role of chair, he remains an active partner and a member of the executive committee. Schwartz believes this transition will allow Boies to devote more energy to his trial work, ensuring continued contributions to the firm’s legal endeavors.
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