Over the past two years, approximately 2,300 SEC registered companies have disclosed material, federal civil litigation. With over 1,800 different law firms representing these companies, competition is tight in terms of litigation market share. Let’s take a look.
With 22 offices around the globe, it comes as no surprise that Skadden Arps Slate Meagher & Flom LLP has provided litigation services1 to the most SEC registrants. Since April 2015, Skadden has represented 102 companies, or 1.34% of the total market share. Morgan Lewis & Bockius LLP, a close second, represented 1.30% of the market, with 99 registrants.
Looking more closely within the litigation taxonomies of the top 10 firms, most lawsuits are securities class actions. Second to securities class actions, intellectual property cases play a prominent role in the mix. Cases concerned with mergers & acquisitions, financial reporting, IPO’s and derivative stockholder suits have higher prevalence.
The competition for clients will continue according to the recent New York Times article, With Competition Fierce, Even Elite Law Firms Resort to the Unusual.
America’s law firms, even the most prominent, are mired in an era of noticeably modest growth and volatility in the industry, and 2017 promises to be no better… Beyond that, the top-drawer firms are increasingly jostling with one another to win lucrative legal work.
We look forward to continuing to track the trends and movements within the legal industry, and are interested to see if law firm market share stays wide spread.
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1. Federal securities class action claims, SEC actions and material federal civil litigation.↑