Pre-payment plan gives Saul Ewing money for growth
This article discusses Saul Ewing’s aggressive expansion over the past nine months, with offices opening in two new geographic markets at a time when other firms are closing. Managing Partner David Antzis said the firm made a decision to pre-pay 2012 expenses when its 2011 projections came in over budget. It "wanted to enter 2012 with an aggressive lateral partner recruiting campaign and felt the extra cash would come in handy," Antzis said. Saul Ewing opened a Pittsburgh office in May after clients indicated they could give the firm more work if it had attorneys there. "It’s an investment, but we wouldn’t do it unless we felt it would make money for us in the long term," he said. The firm will seek office space there to eventually accommodate about 24 lawyers.
A similar strategy was utilized in 2010 when the firm pre-paid 2011 expenses. This helped it open the Boston office in July 2011, which now houses 12 attorneys. "You can stick it in your pockets or see it as an opportunity to grow," Antzis said. "We feel we are in good shape. We have a good balance sheet and no long-term debt. So we chose to invest in the firm."