No lawyers in satellite office? No problem; Dilworth is like Netflix, its CEO says
Dilworth Paxson will keep its New York office open although there will be no lawyers there after the departure of three partners last month and the planned exit of an associate.
The New York office will be used for a startup incubator and for the firm’s associated venture fund, which has raised $30 million, the Legal Intelligencer (sub. req.) reports. Startups using the incubator will have access to 13 funds, and they won’t be required to use Dilworth as their legal counsel, according to Dilworth Paxson CEO Ajay Raju.
Dilworth lawyers and staffers will be able to invest in the venture fund. Raju told the Legal Intelligencer that the venture fund will help the firm move away from the traditional model of origination credit, instead allowing investors to share in successes.
Meanwhile Dilworth is planning to close its Washington, D.C., office, which currently has only one full-time attorney.
Raju tells the Intelligencer that Dilworth Paxson doesn’t need satellite offices to operate, just as Netflix or Amazon doesn’t need storefronts. “Netflix has clients all over the world but doesn’t have a single store,” Raju said. His intent is to build ancillary businesses that will bring clients to Dilworth.
Raju said satellite offices in Pennsylvania, Delaware and New Jersey will stay open to the extent they tie into the firm’s vision.
Raju left Reed Smith in early 2014 to join Dilworth Paxson.
See also:
Philadelphia magazine: “Ajay Raju Profile: The Big Raju”
