Tarter Krinsky & Drogin’s managing partner Alan Tarter and special projects coordinator Elizabeth Yasny co-authored the article titled, “Eruption From Disruption: Unique Opportunities for Midsize Firms in Tumultuous Times,” featured in Law.com’s Mid-Market Report and The New York Law Journal (subscription required). Below is the full text of the article.

Eruption From Disruption: Unique Opportunities for Midsize Firms in Tumultuous Times

As we reflect on those life- and work-altering weeks early in the pandemic, we recall the ways law firms worldwide scrambled to adjust by closing offices, directing lawyers to work remotely, and taking other unusual measures to stabilize their businesses. Initially, we were overwhelmed. Nevertheless, the contingency plans we never hoped to use were suddenly in action. We eventually adjusted, and, for some, the transition unfolded relatively seamlessly. By last summer, forward-thinking, highly adaptable firms, including many midsize partnerships, switched from survival mode to success mode.

During market disruptions, what differentiates successful partnerships can be characterized succinctly: They identify opportunities and seize them.

Why Midsize Firms Can Come Out on Top

By virtue of their market sector positioning and their ideal clients, midsize firms are uniquely poised to capitalize on the most potent characteristics of both boutique law firms and the big law behemoths. And while the mid-market shares in these benefits, it is traditionally free of the most significant downsides attributable to both sides of the spectrum.

In an economic downturn, midsize law firms can be experimental, stretch their entrepreneurial muscles, and rethink their business models. This mindset can be transformative to both their business development and to clients also looking to innovate. Moreover, these firms are perfectly positioned to evolve because of a delicate balance of resources and agility. A midsize firm looking for fresh opportunities can pivot much more quickly than a big firm often mired in bureaucracy and will have the resources—whether financial, technological, geographical, or human—to execute that a smaller firm may not have.

The Sky’s the Limit for MidLaw Opportunity

With the disruption caused by the pandemic comes opportunity. It is up to midsize firms to identify available options and take advantage of them.

Decision-making and execution will depend on each firm’s ethos, risk tolerance, entrepreneurial mindset, and long-term goals. Approach problems with curiosity and use creative and decisive thinking to generate solutions and reimagine your business. Analyze your clients’ shifting needs. For example, this may mean pursuing new practice areas, exploring additional geographies for service delivery, modifying the firm’s business model, or even possibly taking on “loss leader” projects by utilizing labor based in more cost-effective locations.

Entrepreneurial Expansion

Open-minded, entrepreneurial lawyers in firms across the nation are seeing and hearing about trends and opportunities and answering the call. For example, take the case of Oklahoma full-service, 100-attorney firm, GableGotwals.

As the use of telehealth accelerated during the pandemic, additional legal issues surfaced in the technology and delivery of diagnosing and treating patients virtually. Over the last five years, GableGotwals’ health care attorneys have provided pioneering telehealth solutions throughout metropolitan, rural, and Native American health care organizations. The firm was well-positioned to help existing and new clients enhance access to care via telemedicine and navigate the legal complexities of this space. The partnership doubled down on this practice area, made investments in resources, and expanded its health care practice to meet increased demand. In collaboration with a wide range of health care industry professionals, the firm’s attorneys contributed to the successful efforts to provide high-quality, specialty health care services to under-served communities across the Midwest. The demand for these legal services continues to expand with the steady evolution of telehealth.

During the pandemic, many clients of our New York City law firm, Tarter Krinsky & Drogin, participated in or were impacted by the rapid expansion of e-commerce during the pandemic. As a result, our clients were growing and facing various legal issues, including significant intellectual property disputes relating to the Amazon Marketplace and other large e-commerce platforms. To meet this growing client demand, we formalized our Amazon Marketplace and Online Intellectual Property Group. To our existing experienced team, we added a group of leading lateral partners representing these growing online sellers. This concentrated group now consists of five designated attorneys. In addition, the group works with attorneys in our other practice areas to handle mergers and acquisitions, labor and employment, real estate leasing, and other matters that may arise.

The Takeaway

For midsize firms, this is an ideal time to be experimental. Agile law firms that proactively take chances and think about different ways of doing business as disruption ebbs and eruption flows will outpace their rivals and emerge triumphantly. Thriving in a post-disruption world, whatever the disruption may be, requires exploration, taking calculated risks, being open to change, and pursuing opportunities based on the best information available at the time.

Alan Tarter is the managing partner of Tarter Krinsky & Drogin, a full-service law firm. Elizabeth Yasny is the firm’s special projects coordinator. For more information about the firm, please visit www.tarterkrinsky.com.

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Reprinted with permission from the  July 19, 2021 online edition of Law.com's Mid-Market Report © 2021 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-257-3382 or reprints@alm.com.