Take a peek into NYC living with McDermott, where ambitious attorneys work in "the largest and most dynamic legal market in the world."
Welcome to New York – the city that never sleeps. Bustling with the constant rumble of the subway, iconic yellow cabs, 24-hour diners and pizza spots, and the ever-bright lights of Times Square, the city also has long boasted the status of being a financial epicenter attracting numerous ambitious organizations and professionals. Bringing that ‘Empire State of Mind’, McDermott’s New York co-managing partner Frank Steinherr headlines: “Practicing in the New York legal mark is invigorating. The dynamism, pace, and energy of the city is reflected in the business and legal landscape.”
Being the place where BigLaw dreams are certainly made of, Chicago-born McDermott has also found its calling on the New York legal scene. Taking a multidisciplinary approach, the firm’s offering includes the staples – corporate, M&A, securities litigation, and intellectual property – while also keeping a pulse on more up-and-coming practices, like data privacy and cybersecurity, blockchain and fin-tech, life sciences and biotech. All in all, as Steinherr puts it, it’s a market that keeps attorneys “constantly challenged and engaged, allowing for continued growth and learning.”
To hear more about McDermott’s New York presence, the city’s ever-evolving market, and the firm’s unique professional development opportunities, we caught up with Frank Steinherr and Kristin Going, co-managing partners of the firm’s New York office.
Chambers Associate: What do you enjoy about practicing in the New York legal market?
Frank Steinherr: Practicing in the New York legal market is invigorating. The dynamism, pace, and energy of the city is reflected in the business and legal landscape. I appreciate the intellectual rigor and the high stakes involved in the matters we handle. The diversity of industries, from finance and technology to health and the industrial sector and everything between, means that I am constantly challenged and engaged, allowing for continued growth and learning.
Kristin Going: I enjoy the energy of New York. It’s a destination, so you want to come into the office, see your colleagues, or take the subway and visit clients.
"In New York, young attorneys learn from some of the best minds in the industry..."
CA: What can the New York legal scene offer young attorneys starting out in their careers?
FS: The New York legal scene offers unparalleled opportunities for young attorneys. In law – as in most things – we learn by doing. And in New York, young attorneys learn from some of the best minds in the industry, gain exposure to complex and high-profile cases, and are able to build a vast network of friends, colleagues, and industry contacts along the way.
KG: It offers easy access to very important, high-stakes matters. There’s the US District Court for the Southern District of New York, which historically handles top-notch litigation. There’s also Wall Street, the epicenter of finance, and the top echelon of legal practice, both on the transactional and litigation sides.
CA: What trends would you like to highlight about the New York legal market?
FS: One notable trend is the increased focus on technology and innovation in the business and practice of law. The best firms are investing in legal tech to improve efficiency and to deliver better service – and outcomes – for their clients. Unlocking the potential of technology will require an innovator’s mindset, and a huge investment in terms of time (to train attorneys and staff) and cost. But the benefits will be huge and the penalty for firms and lawyers who fail to adapt will be devastating.
KG: There are more people wanting to go back into the office because they want to be in New York City. Another trend, driven by the judges, is the desire to give younger attorneys the opportunity to participate in making arguments before the court.
CA: What are the staple practices of the local market? And what are the up-and-coming ones?
FS: Staple practices in the New York market include corporate law, M&A, securities litigation, and intellectual property. However, up-and-coming, areas include data privacy and cybersecurity, blockchain and fintech-related legal services, life-sciences and biotech. These fields are becoming increasingly vital as businesses adapt to emerging technologies.
KG: It continues to be the finance hub of the world. The up-and-coming practice area is crypto and digital currency. The state financial regulators in New York state are on the forefront of any national issues.
"I foresee the New York legal market becoming even more integrated with technology in the coming years."
CA: How do you predict the market will continue to develop over the next ten years?
FS: I foresee the New York legal market becoming even more integrated with technology in the coming years, with firms leveraging artificial intelligence and machine learning to legal research, document review, and other functions. As technology drives change in the domestic landscape, I expect to see an evolution of the global economy with a shift toward more cross-border legal work, particularly in emerging markets. Firms that lack the resources to invest or that are otherwise slow to evolve may be left behind.
KG: While often at the forefront of certain industries, New York is also a place rooted in history and tradition. I don't see this idea of New York being the epicenter of finance and Wall Street changing anytime soon.
CA: What career opportunities have you been afforded by being based in New York?
FS: Pilots measure experience by “stick time” – the number of hours spent actually flying. In that sense, being based in New York has allowed me to gain valuable skills and experience at an accelerated pace compared to other geographies, because nowhere in the world is the demand for legal services greater than in New York. Of course, New York is also home to some of the highest profile and sophisticated legal work as well. The opportunity to work on a high volume of highly sophisticated deals has been powerful.
KG: I started out my career in another state, in another geography. I quickly realized that if I wanted to practice bankruptcy law, I needed to move to New York. So, I moved here intentionally to practice bankruptcy at the highest levels, and being here has afforded me the opportunity to do just that.
"The hours don’t seem like work when your clients and colleagues are friends."
CA: It’s no secret that the New York legal market can be a grueling one to work in. How do you deal with the demands of the practice?
FS: I believe in a work-life blend. I’m fortunate to do something I love. I care deeply for my clients and my colleagues. I genuinely want what is best for them and I am highly invested in their success. And I gain a lot of personal and professional satisfaction from helping them achieve their goals. The hours don’t seem like work when your clients and colleagues are friends. There’s always time to help a friend.
KG: One of the greatest things about New York is our mass transit. I take the train to and from work every day, which is one of the quickest and easiest ways to decompress. I don't have to get in a car, drive, and fight traffic. Being able to take a train or subway to work, put in AirPods, and listen to a podcast or music is a great way to unwind.
CA: Are there any myths you’d like to dispel about the market?
FS: One common myth is that the New York legal market is solely about competition and cutthroat behavior. While it is certainly competitive, there is also a strong sense of community and collaboration among many practitioners. I am privileged to serve as a managing partner of my firm’s New York office. And in that capacity, I’ve collaborated with lawyers at other firms in similar roles to address some of the biggest shared challenges facing our profession. And I’ve grown strong relationships with these lawyers who have all been generous with their time and willingness to share experiences, and ideas, that challenge, inspire, and help make me a better lawyer and a better leader.
KG: Similar to the myth about New Yorkers being unfriendly, the same goes for New York attorneys. People here are very boisterous and vocal, but at the end of the day, even opposing counsel are interested in helping and looking out for one another.
CA: Why would you recommend New York as a legal market to practice in for both students and lateral candidates?
FS: The New York legal market is the largest and most dynamic legal market in the world. Law students and lateral candidates who thrive on solving complex problems and who are energized by helping navigate clients through high stakes legal needs will learn and grow rapidly, and find a lot of satisfaction working here.
KG: It’s the epicenter of so many things in the legal practice. The folks that practice in the New York market are top-notch.
"Connections become even more important as your career develops, no matter what you're going to do with your law degree."
CA: What advice would you give to anyone starting out their legal career in New York?
FS: My primary advice to anyone starting their legal career in New York is to be proactive and embrace every opportunity for learning and growth. Build relationships with peers and clients. And seek out mentors with whom you can work and learn and that you can trust and who are willing to invest in your success. Most importantly, own your career by curating (to the extent possible) the people with whom you want to work and the type of work that you find most rewarding. Together with a strong work ethic and resilience, intellectual curiosity and the ability to evolve and be open to new ideas, cultivating the right network and mentors is really essential to a long, successful, and rewarding career.
KG: Keep in touch with all your friends and colleagues from law school and undergrad. Connections become even more important as your career develops, no matter what you're going to do with your law degree.
CA: What does McDermott’s New York practice offer that is unique?
FS: At McDermott’s New York office we pride ourselves on our collegiality, and our commitments to collaboration and the highest levels of client service. We work in diverse, multidisciplinary teams to provide innovative solutions to our clients’ unique challenges. And we always put our clients first. Our goals are excellence and to provide best-in-class client service. All of our success – our financial performance, industry awards and recognition, etc. – are derivative of our client-centric approach. We work hard. We are an office full of energy and we are growing revenue and headcount quickly (but responsibly). But this is Big Law – everyone works hard and is running as hard and as fast as they can. The difference is while others are running as hard and fast as they can to standstill, at McDermott New York we are running as hard and as fast as we can and are actually going places. And that is a lot more fun.
KG: Since day one, we’ve had a cutting-edge digital currency practice that spans both the litigation and the regulatory sides. We were the first law firm to have this full-service offering.
