Many Law Firm Partners Are Moving to Miami: Is It the Right Time for You?

By: Jacquelyn Knight and Jeffrey Liebster , Partners, Partner Practice Group

?

Since the onset of the COVID-19 pandemic, Florida has experienced rapid population growth, boasting four of the five fastest growing metropolitan areas in the country including Miami. Funds and corporations—including Citadel, Uber, Amazon and Telsa, to name a few—have relocated or opened offices in Miami, and more are flooding into the area by the day. In 2023, out of the 5.4 million new business applications filed nationally from January 2023 to December 2023, 667,031— 12%—were in Florida.

At a time when other cities are struggling to revive sleepy central business districts, the Miami downtown commercial real estate market is booming, with five new office buildings currently planned for construction. With the infusion of clients into the market, demand for attorneys in Miami has been strong and is showing no signs of stopping. In fact, while overall lateral partners hires decreased over the past year in the state of Florida, Miami lateral partners hires increased—a testament to the growing need in the area.

Recent History

The influx of businesses has brought new firms to Miami, which in turn, has attracted lateral partners to new platforms. Local Miami partners are seeing great success here, joining large national firms to which they previously did not have access. But the dearth of local attorneys has created a need—and opportunity—for lateral partners to make the move south. Those partners who have relocated to Miami are finding a wealth of opportunity with firms looking to grow and welcome the best talent.

No longer is private equity the only need for law firms. Firms are seeking talented partners to build and expand a variety of practices, including litigation, regulatory, M&A, capital markets, real estate, and trusts and estates. There are a wide range of platforms, cultures and lifestyles offered by firms long established in the area and those which have recently arrived, giving partners a plethora of options to choose from that fit their goals.

Lawyers are discovering that there are numerous significant advantages to making a move to Miami, including:

• They can continue to practice at a top firm but in an improved environment.
• The beauty of the outdoors and weather impacts every day, creating a better quality of life.
• Travel to major cities in the U.S., Latin America and Europe is very easy with Miami International Airport a short Uber ride away.
• Residents are not subjected to state income tax.
• Firms looking to establish a foothold or better compete in a growing market, hungry for top talent, are offering attractive compensation packages.
• Lawyers can connect with a highly diverse population of attorneys and others in Miami, which is especially important for those with international practices tied to Latin America.

2024 and Beyond

As the city grows into an even more established business hub and legal market, many experienced and successful attorneys from major cities around the country are making a move south. Partners who are looking for their next challenge or wishing to escape from a big city may find that Miami offers a legal market that can provide a great next step for their legal careers. The advent of newer practice areas related to technology also contribute to the market’s continued growth, creating opportunities for partners, especially in the venture capital space. Finally, the modern and vibrant culture of downtown Miami and beyond is alluring to those looking for a big city vibe but on a smaller scale. As the law firm and market demand for top quality partners expands into a wider range of practice areas and industries, more and more partners have decided that Miami presents a very attractive personal and professional alternative.