Leader of Dissolved IP Boutique Says No One Wanted His Job
A Philadelphia intellectual property boutique is being acquired by a larger firm, and the outgoing managing partner attributes his firm’s dissolution to an unusual problem: No one wanted his job.
Synnestvedt & Lechner of Philadelphia was having a banner year in terms of revenue per lawyer, managing partner Joseph Posillico told the Am Law Daily. He had served in the leadership position since 2006 and was set to step down from the job this year. But no one could be found to take his place.
“In some IP boutiques you’ll have one or two partners who enjoy and are good at doing the administrative work and would perhaps be happy to scale back in client work,” Posillico told the publication. “The make-up of the people we had was not that way. They were much more interested in staying in contact with their clients.”
But another departing partner cited a different reason for the firm’s demise: Many general practice firms are beefing up their intellectual property practices, making it more difficult for the boutiques to get referrals, the story says. Yet another problem: Synnestvedt & Lechner had lost several lawyers, beginning late last year, and had laid off at least seven staffers.
The law firm is merging with Fox Rothschild, which is hiring Posillico and seven other lawyers. Three other departing lawyers are going to Ballard Spahr Andrews & Ingersoll.
