Based in midtown, there’s an upstart law firm that is setting new standards in diversity and transactional legal services
Twenty lawyers strong, Bryant Burgher Jaffe LLP will celebrate its third anniversary in January 2012. The firm has set a new direction by developing a complex, transactional practice through a minority-owned firm. According to Bryant, “For years, large companies who are committed to diversity have said, ‘we can’t find firms that are diverse and that have deep transactional experience.’” BBJ was formed to fill that void. “We say to those who have searched, we are here,” says B. Seth Bryant, BBJ’s founder and Managing Partner.
“We wanted to build a different type of firm that would allow us to attract great, diverse lawyers who have practiced at the best firms. Our lawyers joined BBJ for an environment where they can continue to work on interesting deals but without some of the negatives of ‘large law’,” added Bryant. Today over 60 percent of BBJ’s partners, associates and staff are minorities or women. The firm boasts of experienced lawyers in complex finance, derivatives, M&A, asset management and real estate among other areas.
A Focus on Performance –And a Cost Effective Approach
While diversity is an important element of BBJ’s success, the firm emphasizes that its value proposition is the most important driver of its business. “At the end of the day, clients want to know that you can do the work at a reasonable cost. If you do great work and help a client accomplish other goals such as working with a more diverse set of law firms – all the better,” explains Bryant. BBJ’s model puts a premium on value, not hourly rates. The firm’s billing rates are significantly lower than the rates of large New York City law firms.
How Diversity and Experience Has Helped – the Emerging Firm
This year, BBJ served as co-bond counsel in connection with over $2 billion of bond issues for DASNY. “Great clients like DASNY who really understand diversity are giving firms like ours the opportunity to develop in practice areas where we can certainly do the work, but which may be new areas for the firm,” says Bryant. Prior to this year, the firm had not served as bond counsel although it had served as underwriters’ counsel in many municipal finance deals and has very deep experience in other areas of finance . The firm is an an ‘Emerging Firm’ on DASNY’s panel of outside law firms.
“The designation is intended solve the “chicken and egg” problem that persists in areas where a small set of firms dominate the market and where new entrants may be closed out. Long term, Emerging Firms will help DASNY have more choices of qualified service providers in areas like public finance, which should lower costs and lead to more creativity,” says Bryant.
From a personal perspective, Bryant, 41, is gratified that BBJ’s path is consistent with his early vision of a diverse law firm that does complex work with a range of great clients.
“When I became a lawyer, I wanted to practice at a firm that represented big companies and serious entrepreneurs alike, especially those whose business ideas might positively impact Urban environments.
I’m thrilled that we currently represent major corporations, Federal and state entities, major asset managers and entrepreneurs with exciting start-up companies, “ says Bryant. “ I’m humbled by the fact that we’ve been involved in drafting laws that will improve capital access for minority and women owned businesses. Going forward, my goal is to represent our clients well, manage our growth and perfect our model.”
BBJ has become the vehicle for Bryant’s early vision and is a firm to watch.
