The boutique law firm trend continues, with more partners splitting from their big and midsize firms and striking out on their own.
This week, as five attorneys formerly with Chicago's Neal, Gerber & Eisenberg announced their new firm Chicago Law Partners, 15 lawyers from Virginia-based LeClairRyan broke away to form Murphy & McGonigle. Both new firms cited the opportunity to charge clients less as one reason for the new ventures.
Murphy & McGonigle is focused on the financial services industry and handles litigation and regulation matters. Six of its new partners previously worked in the U.S. Securities and Exchange Commission's enforcement division. The fledgling firm opened offices in New York, Washington and Glen Allen, Va. In addition to enforcement defense and government investigations, the firm handles securities litigation, arbitration and financial services counseling.