The legal landscape associated with corporate representation whether it be general day-to-day corporate work, or transactional matters such as acquisitions, sales, and financing have changed--and for good reason.
Big law-defined as those multi-national firms-are not designed to, nor do they have the appropriate infrastructure to properly handle from a legal product perspective, or legal rate structure these type of mid-market company corporate representations, or transactional work.
This is not to say the Big law is bad, or a thing of the past. In fact, Big law has its place servicing major multi-billion dollar type entities around the world that are its 'bread and butter". However, for mid-market companies it’s more prudent from a legal services side and company legal budget to go with the law firm that will give the company that full attention it deserves.
Meaning, place that particular company on the top of its ecosystem, work within that company's budget, and deliver legal product that by any standard is "A-rated”.
Today, even multi-billion dollar companies on smaller matters are using boutique legal firms where the partners come from "Big-law" to handle certain matters that they can pay less for -- it's only prudent from a budgetary standpoint.
Why pay more for the same service that you can get for less. Bottom-line-just cause the firm is "big" does not translate into a fit! More importantly, when a Mid-Market company is properly aligned with a law firm that doesn’t over burden them with fee’s from Sr. Level to Mid Level to Paralegals, these Mid-Market companies can use the budget savings to grow their company, retain their current employees and create a much better outcome.
Mid-Market companies, those with under 1 Billion valuation can dramatically impact the results they are looking to achieve by aligning with the proper representation, and more often then not, it does not equate to the largest firm.