In a feature article published this week, The American Lawyer recognized Spencer Fane as one of the five fastest-growing law firms in the Am Law 200 and highlighted the connection between the firm’s long-term growth trajectory and its emphasis on delivering high-end value to both talent within the firm and clients.
“Spencer Fane has had a busy decade,” The American Lawyer wrote. “In that time, it’s expanded well beyond its Kansas City roots to make inroads in Colorado, Texas and Florida, developing strength in the Southeast and the Southwest along the way. The firm’s gross revenue has nearly quadrupled as it’s charted that geographic growth, hitting $188.6 million in 2021.”
The American Lawyer interviewed Spencer Fane Chair Patrick J. Whalen as part of the coverage for the annual Am Law 200 special edition, which was released in print on June 1, 2022. Among other things, Pat spoke to Ben Seal, managing editor of The American Lawyer, about the key drivers found at the heart of the firm’s continued growth.
“It’s been based upon two pillars that we’re vigilant about, the first being a talent focus,” Pat told The American Lawyer. “What you see each year — the revenue uptick — represents a lot of talent that chooses to stay at our firm. We have much lower attrition than what typically plagues law firms [2 percent among partners and 7 percent among associates in 2021] while at the same time being able to attract talent from other firms. That’s been a key piece of the growth we’ve experienced.
“And then the second factor is the value proposition for clients,” Pat added. “Clients see that value proposition as very compelling because of the expertise and experience delivered at a price point that resonates with the market. When you’re able to continually enhance the value proposition for both clients and talent, you’re probably going to see nice top-line and bottom-line growth.”
In addition, The American Lawyer inquired about the firm’s geographic expansion, challenges, opportunities facing the industry, and motivations behind the firm’s intentional growth over the last decade. Pat spoke about the growth being driven by a desire to serve clients while protecting the firm’s culture.
“The whole point of us growing over the past nine-plus years is in service of our clients and our culture,” Pat told The American Lawyer. “So we’re making sure the whole point of this strategy is paying off in terms of serving clients at a higher level and making our culture even stronger.”