Eversheds Sutherland has chosen one of the most competitive legal markets for its first US office launch since its transatlantic union went live just over two years ago.
The firm in June opened its seventh US base in Chicago, home to strong Global 100 players Sidley Austin and Mayer Brown, and the world’s highest-grossing firm, Kirkland & Ellis. The focus will initially be on real estate, M&A and litigation, targeting the diversified industrials, technology, media and telecoms, financial institutions and energy sectors.
Leading the office is real estate partner Marc Benjamin, who moved to Eversheds just eight months after joining another recent entrant to the Chicago legal scene, White & Case, as part of the takeover of the six-partner local office of real estate boutique Pircher, Nichols & Meeks.
Benjamin told Legal Business that Chicago had been on Atlanta-born Sutherland Asbill & Brennan’s radar before its 2017 combination with Eversheds due to an ‘impressive’ number of client relationships in the Mid-West. ‘It was one of a handful of top targets for expansion, taking advantage of existing relationships.’
Eversheds has also tapped Kirkland for another real estate partner, Susan Kai, who was promoted to partner at the Chicago giant in October 2018. Completing the trio leading the launch, Eversheds litigation partner Robert Owen relocated from New York. The firm expects to have ten to 15 lawyers by the autumn but has set no headcount targets.
‘We will be growing slowly and strategically unless there is some great opportunity,’ said Benjamin. ‘My gut would be that we will be in the 20-30 lawyer range over the next couple of years.’
Co-chief executive Mark Wasserman said the firm’s ambition for US expansion did not stop with Illinois. California followed, with a launch in San Diego announced in mid-July. Its second base in the Golden State after Sacramento, Eversheds recruited three intellectual property partners from Foley & Lardner to spearhead the opening.
Since the 2017 union of Eversheds and Sutherland, the firm has posted solid financial results. Global revenue rose 10% to $1.175bn in 2018, while its non-US business grew turnover 11% to £548.8m in the year to 30 April 2019 following a 13% increase the previous year.