Herrick, Feinstein's Executive Chair Explains Why Lawyers May Prefer Working At A Midsize Firm
The leader of this Am Law 200 firm tells us why life at midsize firms is so enjoyable for lawyers, from culture to work-life balance to gaining hands-on experience.
Belinda Schwartz (courtesy photo)
With bonus season in the rearview mirror, many Biglaw associates may find themselves considering making a move to a smaller firm, perhaps a midsize firm. These lawyers may wonder what their lives at a midsize firm will look like, and how they can make the most of this new experience. So, why should midsize firms give attorneys pause when making career choices?
I recently had the pleasure of chatting with Belinda Schwartz, executive chair of New York-based Herrick, Feinstein, to get her thoughts on some of the immediate benefits associates will be able to realize at a midsize firm as opposed to a Biglaw firm. Schwartz is the first woman to lead the Am Law 200 midsize firm in its long and storied history. Here is a (lightly edited and condensed) write-up of our lively conversation on how lawyers can build meaningful careers at a midsize firm.
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Staci Zaretsky (SZ): What are some of the biggest benefits an associate can expect to see at a midsize firm in terms of culture?
Belinda Schwartz (BS): While culture is specific to each firm, the hope is that being at a midsize firm you’re part of a tight-knit team, and therefore there’s more of an emphasis on interpersonal relationships. The nature of a team where you know everyone very well, know their strengths, know their clients and their deals, enables you to do more and to do it quickly. This benefits clients, of course, but also benefits the management of practice groups and the development of individual attorney skills and practices.
At Herrick, we pride ourselves on being flexible and nimble in the marketplace. Because we have a closely collaborative attorney team and a responsive and informed Executive Committee, the firm is able to make moves that some larger firms may simply take longer to make. We have less “red tape” than other firms, and that, combined with the true entrepreneurial nature of our partners, makes Herrick a unique and well-positioned midsized firm in the crowded market of New York City.
SZ: Work-life balance is always something that associates are searching for in their careers. Is a midsize firm a good place to find it?
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BS: To have the typical lawyer answer, “It depends…” It depends on what the individual lawyer is striving for in their career – and that can certainly change over the years.
There are times in an attorney’s career when a big firm may work better. For example: if you want to grind out the hours and keep your head down, or if you aren’t as interested in developing business and would rather be a worker bee. These are valid and workable choices for many associates. Often at a midsize firm there’s more opportunity to craft the career that you want and find a balance between your foot on the gas and managing your life outside work.
I like to use the analogy that, at times in your career, you get “on or off the bus” depending on what your life looks like. Individual timelines can look very different over an entire career, but attorneys can get to the same place – it just may take a bit longer. There are pros and cons to firms of all sizes, and associates need to find what works for them in their particular stage of life.
SZ: Do you think that associates will be able to gain more hands-on experience earlier in their careers at a midsize firm than at a Biglaw firm?
BS: There’s no doubt that associates have more hands-on experience and direct client interactions at a midsize firm. Generally, deals are staffed more leanly, and client contact is encouraged and necessary.
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At a midsized firm, associates often have the opportunity to work in many different sectors of their practice, so they are constantly learning and stretching beyond the work they are used to doing. For example, in Real Estate at Herrick, associates may work on leasing, financing transactions, and purchase and sale agreements all at the same time. The ability to grow professionally can be very appealing for associates, and while some choose to pick a focus and pursue a specialty niche, a “generalist” can be very valuable to clients and often lead to deeper and more lasting client relationships.
Additionally, associates can work with and learn from many different senior partners at a midsize firm. This exposure to different styles and experiences enhances the deal work and teaches much more than how to be a good technical lawyer. These skills of how to run a deal, how to handle challenges on a transaction, when to collaborate with others at the firm in different practices all come with experience and the knowledge of our team’s skills. I have always found that these critical “soft skills” are learned earlier and with more diverse voices at a midsize firm.
SZ: What advice do you have for an associate who may be considering a lateral move to a midsize firm?
BS: There are pros and cons for all choices in life, and the place you choose to work and practice law is no different. It’s a given that you must have a baseline skillset and be an excellent technical lawyer; that’s the case anywhere you choose to practice. However, the decision of where you practice and who you collaborate with really matters.
I encourage younger associates to think about what they envision for themselves as a lawyer: Do you want to be out there interfacing and bringing in clients, do you prefer to stay away from that and focus only on working on matters, or do you prefer to be somewhere in the middle? A firm like Herrick can be an excellent place for associates to find the middle.
Whatever an associate chooses, mentorship and perhaps more importantly, sponsorship, is also to be considered and valued. Finding a mentor you respect and can learn from is crucial, and I encourage all attorneys of all levels to have many evolving mentors during their careers. But a sponsor is someone who will advocate for you and your career advancement within your organization. The focus on developing the next generation of leaders is so important to many managing partners and firm chairs – myself included. This is hugely important in terms of diversity, inclusion, and belonging, but also in terms of good client service and in succession planning as well.
On behalf of everyone here at Above the Law, we’d like to thank Belinda Schwartz for taking the time to help answer some pressing career questions for prospective midsize associates.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on X/Twitter and Threads or connect with her on LinkedIn.
