Client Pitches Cost Up to $70K at Latham & Watkins
BigLaw firm Latham & Watkins spends between $30,000 and $70,000 making client presentations to potential clients, reports Bloomberg Law.
Bloomberg pulled the information out of a New York Times article on the state of the legal industry going into 2017.
Quoting the Times‘ original report:
[Latham & Watkins, according to managing partner William H. Voge] routinely competes for big-ticket legal work, with partners often flying from different parts of the world to showcase Latham’s skills against those of five or six competing firms. The cost is not cheap; the firm pays $30,000 to $70,000 per presentation.
And it works, he said, because most of the firm’s existing clients last year each paid over $1 million in legal fees. Over all, the firm had profit of $1.6 billion in 2016, Mr. Voge noted.