In 2024, Lowenstein Sandler hired a record-breaking number of lateral partners across its key practice areas and expanded its C suite while growing revenue by 13 percent, spurred in part by increasing activity in matters relating to the intellectual property, commercialization and infrastructure needs surrounding advances in artificial intelligence (AI). The firm also saw dramatic growth in litigation over liability and insurance coverage relating to PFAS (or "forever chemicals").
Part of this growth is attributable to the strategic plan Lowenstein has adopted, which emphasizes growing client relationships, strengthening its position in market leading practices, and embracing a culture that cares about high performance as well as humanity and collaboration.
As Lowenstein's Chair and Managing Partner Gary M. Wingens tells Bloomberg Law, "Most firms are very good at adopting strategic plans, but not all actually do much more than talk about it. We've really seen an enormous amount of change at the firm, and 2024 was a very good year."
In 2024, Lowenstein announced its intent to increase headcount and boost productivity through technology. Over the past year, the firm welcomed new partners from top firms, investment funds, and government to its ranks, including:
- Kegan A. Brown to the Environmental Law & Litigation practice;
- Amy S. Mushahwar as Chair of the Data, Privacy & Cybersecurity practice;
- Elinor Ramey as Chair of the Exempt Organizations practice;
- Daniel B. Besikof, and Gianfranco Finizio to the Bankruptcy & Restructuring Department and David M. Posner as its Vice Chair;
- Alexander Shalom as Chair of the Lowenstein Center for the Public Interest;
- Armando Castro, Leia K. Galasso, John Wayne Horton, and Abraham J. Kwon to the Emerging Companies & Venture Capital group;
- Daniel L. Forman to the Capital Markets & Securities practice;
- Matthew R. Friedenberg, Parimal Garg, Jason S. Gould, and Michael T.G. Long to the Litigation practice; and
- Ryne Miller and Courtney B. Posner to the Investment Management
The firm also hired a new Chief Operating Officer, Michael R. Caplan; Chief Administrative Officer Maureen Naughton; Chief Information and Technology Officer Jared Kaplan; and Chief Marketing and Business Development Officer Vanessa Torres.
Wingens says that these hires demonstrate "the investment that we are making in super talented professional staff who can really help lead the vision for our strategic plan."
COO Caplan adds that the firm is also "investing in AI tools to enhance the productivity of our lawyers and staff and provide greater value to our clients."
Wingens and Caplan tell Bloomberg that they expect the coming year to be especially strong in transactional work, bankruptcy and restructuring, and AI-related matters. In 2024, some of the firm's many AI-related matters included:
- Representing Figure, an AI robotics company that develops general purpose humanoid robot, in its $675M Series B funding round led by Microsoft Corp. and OpenAI at a $2.6B valuation;
- EvolutionIQ, Inc., an AI-powered platform for disability and injury claims management, in its acquisition by CCC Intelligent Solutions; and
- Applied Digital Corp., including its recent closing of a $5 billion equity financing.
Wingens notes that AI touches on many of the firm's key practice areas, including investment management, life sciences, intellectual property, mergers and acquisitions, and emerging company and venture capital, adding: "The amount of cross disciplinary skills we have in relation to AI, and in all of the legal disciplines that touch AI, will continue to make our firm a destination."