Dorsey partner Kirsten Schubert gives us an introduction to this bustling legal market, which is home to the Twin Cities and many a Fortune 500 company.
Chambers Associate: What are the current key industry sectors for lawyers in Minnesota:
Kirsten Schubert: The current key industry sectors are Financial Services, Food & Agriculture, Healthcare, Infrastructure, Technology, and Energy.
CA: Which practice areas are currently thriving in the Minnesota legal market?
KS: We are seeing a number of areas that are very robust in Minnesota. They include Litigation, Corporate Transactions, Financing, Employment and Immigration, Real Estate, and Trusts and Estates.
"Over the past five years, the legal practice has become increasingly focused on industry experience."
CA: How has the Minnesota legal market evolved over the past five years?
KS: Over the past five years, the legal practice has become increasingly focused on industry experience. This has impacted how we approach our practice areas. It has led to increased collaboration and formation of more multi-disciplinary teams. This has been valuable for clients and firms alike.
CA: How would you describe the competition between firms in the Minnesota legal market?
KS: There is a relatively small number of large firms competing for the biggest work and a particular segment of the lateral market.
CA: What do you think the Minnesota legal market will look like in five years’ time?
KS: Law firms will need to continue to provide more and more sophisticated, cross-disciplinary services using more advanced technology such as artificial intelligence. Clients increasingly require solutions to complex, enterprise-wide problems as opposed to routine legal advice on discrete matters.
"There is a relatively small number of large firms competing for the biggest work and a particular segment of the lateral market."
CA: What effects do you think Covid-19 will have on the Minnesota legal marketplace in both the short and long term?
KS: COVID-19 will have a significant impact on the way we work. Firms have been forced into deploying a remote workforce and many valuable lessons will be learned from that deployment.
CA: What distinguishes the Minnesota market in comparison to other US legal markets?
KS: Because of the many robust companies headquartered in Minnesota, the opportunities and levels of sophistication transcend the size of the market.
CA: What do you think are the main pull factors to the Minnesota market for law students and lateral talent?
KS: The Minneapolis-St. Paul business climate is built on a strong and diverse community of companies ranging from small to large, emerging to established, cutting edge to conventional. Minneapolis-St. Paul ranks at the top of metropolitan areas with the most Fortune 500 companies per capita. Attorneys in Minneapolis benefit from a wonderfully livable and vibrant city. Minneapolis boasts one of the most educated populations among the nation’s largest metro areas. The Twin Cities area abounds with cultural organizations, theater, visual art, writing and music. Minneapolis is known as the “City of Lakes,” and its residents enjoy numerous activities in and around the water.