There have been several launches of international firms in Philadelphia. The upshot is a lateral recruitment market that has rarely been more active.
"[Philadelphia] has changed over the last five years. It’s a combination of compensation being more competitive and more firms opening here. We’re seeing more consolidation of local firms to compete with the larger national and global firms," says Barbara Shander, Private Equity partner and co-chair of Goodwin‘s Philadelphia office. Alongside Shander, Goodwin launched with a 14-partner team, which brought expertise in life sciences, healthcare transactions, and white-collar defense. Among them was Rachael Bushey, a Life Sciences specialist who now co-chairs the office alongside Shander. Bushey says the recruitment trend extends beyond newcomers. "We’re seeing more consolidation of traditional local firms to compete with the larger national and global firms that are coming into the market," she explains.
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