Lehman Bros. Collapse Catapulted In-House Counsel Into Dream Practice

Although Lawrence Bortstein had a great position as global head of technology law at Lehman Brothers Inc., he'd always wanted to run his own law firm.

Lehman's bankruptcy last year gave him a chance to realize this dream before turning 40. Although forming his own practice with former Morgan Lewis & Bockius partner Sol Irvine was something he might not otherwise have done right now, given the obvious risks of leaving an in-house position to hang out a private practice shingle, the 12-attorney Bortstein & Irvine is doing well, reports the Am Law Daily.

Bortstein had the advantage of starting with a book of business from the Lehman Brothers estate, and the firm has also brought in new information technology and financial services clients. The firm's hourly billable rates are in the $300 to $400 range, he says.

"I've helped many start-ups, and it's an overwhelming process for the partners involved," legal consultant William Brennan of Altman Weil Inc. tells the Am Law Daily. "But the single most important driver of success is having a good source of business from the beginning—which this firm does."