ALM Releases New Legal Market Report Focusing on the Minneapolis-St. Paul Market
An in-depth look at historical data on the market’s largest law firms and the general business climate in which they operate
New York, NY- June 8, 2022 – ALM is pleased to announce the release of the Minneapolis-St. Paul Legal Market Report. This report provides a detailed look into recent trends and performance of large law firms with a presence in the Minneapolis-St. Paul metropolitan area. Law firm analysis includes historical headcount trends, financial performance comparisons, recent merger activity, as well as lateral partner moves, partner promotion & diversity data.
Key Takeaways from this report include:
- Minneapolis-St. Paul offers a strong business climate, serving as a hub for both large corporations and entrepreneurs in the Midwest. Paired with relatively low overhead costs and cost of living, the market is an appealing destination for both law firms and their clients
- As larger, national firms continue to encroach on the market and open offices in Minneapolis, several of the market’s largest law firms have completed mergers with other large regional law firms in recent years to expand practice area capabilities and geographic scope
- Despite the flurry of recent merger activity and new entrants, the market still has lower saturation rates of firms headquartered outside of Minneapolis-St. Paul than other similar-sized legal markets
“Minneapolis has long been a hidden gem of a legal market”, said Patrick Fuller, Vice President & General Manager of ALM Intelligence. “Minneapolis’ lower barrier to entry for firms, combined with a deep legal talent base, good transportation infrastructure, and strong Fortune 1000 headquarters base, makes it a strong growth market for law firms.”
This report also includes insights into the economy and business environment of Minneapolis-St. Paul, detailing the major clients in the market, venture capital and start-up activity, as well as various key economic indicators including GDP growth, population growth, unemployment rates, cost of living comparisons, etc. The study concludes with a comparison of Minneapolis-St. Paul to other similar markets, ranking the strengths and weaknesses of general business as well as business of law climates across a variety of scoring categories.
“Minneapolis-St. Paul has been home to law firms since the beginnings of the US civil war, but it’s only in more recent years that the market has emerged as a destination of choice for Big Law,” said Dan Masopust, Legal Analyst, ALM. “This report not only showcases the major law firms with history operating in this market, but also those newer entrants with a growing presence that are changing the competitive landscape.”
“Leveraging proprietary data, including the Am Law 200 and NLJ 500, in combination with economic data and analyst insight, ALM Intelligence’s market report series provides critical insights into the legal landscape, business climate, and overall attractiveness of key US and global legal markets,” said James Willer, Director, ALM Intelligence. “In addition to Minneapolis-St. Paul, the legal analyst team has also compiled market reports on Texas and the San Francisco Bay Area with London and Charlotte and Raleigh-Durham forthcoming.”
These reports, along with Law.com Compass, power the new Market Hub Pages which are a part of the recently released Law.com Pro Mid-Market platform. Law.com Pro Mid-Market integrates news and insights from Law.com with data and analytics, providing actionable information for mid-size law firm leadership focused on formulating and executing strategic priorities for their firms in a highly competitive environment.
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