Law firms can grow by adding staff through mergers and acquisitions, but there’s another, little-noted way to build the business: by adding new law practice groups. A strategic way of expanding, the addition of practice areas, not only staff, is a little-noted, but an important way that local law firms expand.
Ruskin Moscou Faltischek, for instance, is growing not just by adding attorneys, but launching two new practice areas focusing on fine art and veterinarian medicine, targeting niche specialties with potential to grow in the region.
The Uniondale-based firm recently announced it formed a Veterinary Law Practice Group and a Fine Art Law Practice Group, the first springing from existing talent and the second following a merger.
The region’s pet economy is growing as healthcare becomes a bigger business, stretching from humans to our pets. And at a time when the most affluent often are growing assets, valuable art is becoming an increasingly common acquisition. Together, these two new practices seek to tap into trends, positioning the firm for growth in niches as well as their core practice areas.
These niche practices can tap into resources from the firm’s bread-and-butter business, such as corporate and securities, corporate restructuring, bankruptcy, commercial lending, commercial litigation, intellectual property, healthcare, real estate, employment, not-for-profit, cybersecurity, data privacy, energy and trusts and estates.
The veterinary law practice evolved organically from within, out of a robust healthcare practice, and the fine art practice came from an acquisition last year. Rusell Stern and Jay Silverman took on the new role as co-chairs of the veterinary law practice group.
“We’ve been contemplating this for a couple of years,” said Stern. “Why launch a special practice? Have we created a concentration of clients in a certain space? Do we believe we have talent in terms of people that sets us apart from others?”
Stern spent 15 years at a large Long Island firm and three at a boutique firm before joining Ruskin Moscou nearly a decade ago. A corporate and securities attorney, he helps even before a business launches with non-disclosure and confidentiality agreements to intellectual property analysis, financing, employment, negotiations and mergers and acquisitions.
A veterinary practice, offering a full spectrum of services from standard business to regulatory, dovetails with Ruskin Moscou’s healthcare and corporate and securities practices.
“You bring those two things together,” Stern, who still has veterinary clients from his first firm, said. “I’ve been representing veterinarians and veterinary hospitals for the last 20 years. You do a good job for somebody, you get a referral. You create momentum in that space.”
Regulatory components are a pivotal part of the practice, since veterinary medicine is licensed in New York State with some aspects similar to human healthcare.
“We help the doctor with key things, with their real estate needs, finding space, partnership and operating agreements,” said Stern, whose clients include veterinarians, veterinary hospitals and specialty centers. “They may need to finance equipment. We can negotiate and arrange financing.”
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While the veterinary practice in a way was spun off of Ruskin Moscou’s healthcare business, the fine art practice was born out of a recent merger that brought in new expertise. Ruskin Moscou’s Fine Art Practice is led by chairs Adam Russ and Douglas Wasser, who joined after merging their firm Wasser & Russ, LLP, into Ruskin Moscou in September. Two associates are part of the practice, which can tap the rest of the firm’s expertise.
“We had been working in the art industry when we joined,” Russ said. “They were very receptive to starting an art practice which overlaps with other areas the firm works in.”
While it’s highly specialized, Russ said art law encompasses a wide array of issues that the two chairs, two associates and support staff all come into play.
“Is it enough to sustain an entire practice group? The answer is, ‘Yes,” said Russ, who also has other expertise. “Are there times that we’re busier than other times? ‘Yes.’”
Ruskin Moscou in a written statement said its fine art specialists bring “creativity and savvy business judgment to all fine art matters” along with the “utmost discretion and confidentiality” when desired. Russ said trusts and estates, among many other areas, ties in with art.
Contract law, dealing with consignment and purchase, also ties in, allowing other attorneys to refer and provide expertise. Work ranges from documents to commission custom artwork to consignment agreements.
“Consignment agreements include terms on which to hold, maintain and sell art,” Russ said, noting auctioneers have these agreements. “Who insures, minimum sale, percent that seller takes. Who pays for shipping, when does title pass to buyer, signing of agreement or collection of funds?”
Russ said they do a lot of business in Manhattan, as well as Long Island and nationwide, and affluent people often own artwork that generates legal work.
“The business comes from other lawyers in the firm whose clients collect art or are involved directly or indirectly in the art world,” Russ added. “The business comes from my existing base of clients.”
Ruskin Moscou said Russ and Wasser, with 30 and 40 years of legal experience respectively, bring a deep understanding of the fine art industry for clients including auction houses, investors, collectors, estate and trust fiduciaries, advisors, artists, and galleries.
They offer legal services in areas such as auctions, private sales, financing, valuation, consignments, litigation, and theft, as well as help with a wide range of contracts. They also handle disputes involving authenticity, ownership, provenance, breach of warranty and fraud.
“The fine art world is exciting, but comes with unique legal challenges,” said Russ. “Our experience allows us to help clients navigate this complex and opaque space and protect their interests.”
