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Lowenstein Sandler, a prominent New Jersey law firm, is setting ambitious goals to double its headcount to 700 lawyers within the next three to five years. The firm also envisions leveraging generative AI to potentially quadruple its productivity.
Vision for the Future
“We know who we are. We know who we want to be,” said Gary Wingens, chairman and managing partner of the firm. “We don’t feel like we need to be 2,000 lawyers, but we need to make sure that we continue to punch above our weight.”
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Strategic Focus Areas
The firm aims to deepen its focus on private investment funds, technology, and life sciences, which currently generate approximately 75% of its revenue. Lowenstein Sandler also plans to enhance its litigation and bankruptcy capabilities through strategic individual and group hires and potential acquisitions of smaller firms.
Harnessing the Power of AI
Wingens anticipates significant advancements in artificial intelligence, which he believes will enable the firm to accomplish more with fewer lawyers. He predicts that a 500-lawyer firm could achieve the productive capacity of a firm three to four times its size by the end of the decade.
Growth Trajectory and Key Hires
With a headcount that has grown by about one-third over the past decade to around 400 lawyers, Lowenstein Sandler is poised for substantial expansion. This year, the firm has already made significant lateral partner hires and appointed Michael Caplan as its chief operations officer. Caplan, who previously helped Goodwin Procter achieve similar growth, joined the firm in March.
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Experienced Leadership
Caplan emphasizes the importance of maintaining a strong culture and clear communication of growth goals to the firm’s lawyers and staff. “As lawyers, we’re really good at putting words in order on a page that sound very nice,” said Wingens, a structured finance and corporate lawyer who has led the firm since 2008. “But actually doing it is hard and we recognize that we need the help of a really seasoned professional team that knows how to build and has done it before.”
Historical Roots and Notable Clients
Founded in Newark in 1961, Lowenstein Sandler has a rich history and an impressive alumni list, including several New Jersey attorneys general and Democratic Rep. Robert Menendez Jr. The firm’s clients have included prominent companies like Allergan, LifeCell, Applied Digital Corp., and Indorama Ventures, as well as private equity firms such as Vesey Street Capital Partners and Pamplona Capital Management.
Recent Talent Acquisition
The firm continues to attract top talent, adding Loeb & Loeb’s deputy bankruptcy chair Daniel Besikof and Kilpatrick Townsend & Stockton’s David Posner and Gianfranco Finizio. Additionally, Maureen Naughton, former global head of legal operations at ADP, joined as chief administrative officer, and Jared Kaplan from Teneo Holdings LLC was appointed as chief innovation and technology officer.
Embracing Technological Advancements
Lowenstein Sandler is keen on integrating cutting-edge technology and artificial intelligence into its operations. The firm is currently testing AI tools for various tasks, including document review, diligence, drafting, and production. Earlier this year, it launched Lowenstein AI Chatbot to help website visitors navigate content more efficiently.
Competitive Edge
Wingens views these technological initiatives as both a competitive advantage and a necessity. “We think that’s both a competitive advantage and competitive imperative,” he stated. The firm aims to partner with emerging companies and technology industry clients to achieve its growth targets.
Conclusion
Lowenstein Sandler’s ambitious plans to expand its headcount and harness the power of AI demonstrate its commitment to remaining a leading player in the legal industry. With strategic hires and a clear focus on key sectors, the firm is well-positioned to achieve its goals and continue its legacy of excellence.
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