Welcome to Mid-Market Roundup, where our team of regional editors shares the trends, challenges, opportunities and observations emerging in their markets.
The Great Migration?
In South Florida, migration from the Northeast has been interwoven with much of our coverage. And though that brings many exciting opportunities, it also presents a threat to long-established midsize firms now facing new competition from Big Law, which is swooping in to create landing pads for Northeastern lawyers. As the talent war rages, that will make it even harder to scout and keep talent. It could also spur some mergers, like this one between two South Florida boutiques and a midsize New York firm. One Chicago firm even scooped up former Miami Mayor Xavier Suarez, father of current Miami Mayor Francis Suarez. My question is: are these snowbirds actually here to stay this time? Much of the migration was initially triggered by the COVID-19 pandemic as business leaders realized: if they can work from anywhere, why not work in a tax haven with few restrictions and nice weather? So, now that pandemic restrictions are easing everywhere, will Northeasterners fly back, or has Florida sufficiently wooed them? So far, leasing activity suggests it’s the latter, as many commercial and residential developments are reporting they’re at 80% to 100% capacity right after going on the market. – Raychel Lean