Difficult to take a broad-brush view. I go to individual partners, not to the firm. If I'm comfortable with a partner and she moves firms, I'd take my business to the new firm.
There have been times when I've used "Tier-2" or boutique firms, simply because they understood my business better, or because they knew that regulatory space very well, and were the best placed to advise me.
I am accountable for managing outside counsel, and for working with them to get proper advise. The days of "CAM said this or AZB said that, so its the gospel truth" are long gone. Every word of individual opinions is heavily reviewed and debated by the business team, and I will always pick the lawyer who can explain their opinion, lay out the options and their implications, and help us take an informed decision. FWIW, this is not something a few Tier-1 partners are able to do.
There have been times when I've used "Tier-2" or boutique firms, simply because they understood my business better, or because they knew that regulatory space very well, and were the best placed to advise me.
I am accountable for managing outside counsel, and for working with them to get proper advise. The days of "CAM said this or AZB said that, so its the gospel truth" are long gone. Every word of individual opinions is heavily reviewed and debated by the business team, and I will always pick the lawyer who can explain their opinion, lay out the options and their implications, and help us take an informed decision. FWIW, this is not something a few Tier-1 partners are able to do.