ArentFox Schiff, the legal powerhouse resulting from the merger of Arent Fox and Schiff Hardin in March 2022, is set for its first leadership transition since the union. Brian P. Waldman, a seasoned food and drug lawyer and former head of Arent Fox’s regulatory department, has assumed the role of firm-wide managing partner, marking a strategic move aimed at fostering growth and expanding the firm’s footprint.
Strategic Vision for Growth
In an exclusive interview, Waldman expressed the firm’s ambitious plans for continued expansion. Emphasizing the need for substantial growth, he outlined the strategy of not only recruiting on an individual basis but actively exploring opportunities to acquire practice groups, open new offices, and potentially merge with small to mid-size firms.
“We are very interested in continuing that growth trajectory,” Waldman stated. “If you grow by ones and twos, it’s a slow growth, so we would absolutely consider growing by acquiring practice groups or offices and small and mid-size firms. I can’t tell you there’s a transaction that’s imminent, but we’re actively looking into growth opportunities.”
Transition from Co-Managing Partners
Waldman takes the reins from Cristina A. Carvalho and Joseph J. Krasovec III, who served as co-managing partners post-merger. This change in leadership signifies a pivotal moment for the approximately 600-lawyer operation, with Waldman poised to lead the firm into its next phase of development.
Key Players in the Leadership Transition
Operating out of the Washington, D.C. office, Waldman, a nearly 30-year veteran of Arent Fox, will collaborate closely with Tony Lupo, the chairman of Arent Fox, who played a crucial role in orchestrating the merger. Lupo assumes the position of chair of the combined firm, which closed 2022 with impressive financial figures, boasting $533.9 million in gross revenue and $1.1 million in profits per equity partner, placing it among the top 100 firms in the United States, according to American Lawyer data.
Optimistic Financial Outlook
While the firm has yet to release its financial results for 2023, Waldman is optimistic about the future. He anticipates a minimum 10% increase in profits per equity partner and revenue per lawyer, citing the success story of synergies between Arent Fox’s regulatory practices and Schiff Hardin’s corporate capabilities. Notably, the firm is reducing external referrals due to the enhanced capabilities resulting from the merger.
Arent Fox Schiff, with its largest office in Washington, D.C., and additional presence in corporate hubs like Chicago and New York, appears well-positioned under Waldman’s leadership to further solidify its standing as a major player in the legal landscape, with a promising trajectory ahead.
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