One of Orange County’s biggest law firms is expanding to Santa Monica while another local firm leaves the city.
Newport Beach-based Stradling, Yocca, Carlson & Rauth, the county’s third-largest firm, has opened an office in Santa Monica. Stradling, which has about 100 lawyers, also has offices in San Francisco and Santa Barbara.
Stradling’s Santa Monica opening comes as Newport Beach-based Newmeyer & Dillion LLP is closing its office there.
The changes involve Timothy Silvestre, who left Newmeyer to join Stradling. He’ll head up the office in Santa Monica, where he is based.
Silvestre specializes in work for private equity and securities firms. Stradling was looking to boost its work in those areas. He also has brought two other Newmeyer lawyers with him.
The move leaves Newmeyer, which has about 50 lawyers, with one satellite office in Walnut Creek.
Newmeyer partner Gregory Dillion said his firm’s Santa Monica branch, which had about 10 lawyers, likely will fold. Half of the lawyers are expected to move to its Newport Beach headquarters. The other half probably won’t want to make the trek south to OC, Dillion said.
Dillion said Newmeyer now plans to focus on its headquarters and Walnut Creek operations to handle clients. He said it didn’t make sense to keep an office in Santa Monica.
“It’s only 50 miles up the highway,” he said.
Dillion said Silvestre, a longtime friend, had a focus on private equity and securities issues that aren’t Newmeyer’s bread-and-butter. Newmeyer is known for its real estate work.
“It would be great if we could support that practice,” he said. “(Silvestre) needs more than a small outpost office in Santa Monica to grow his practice.”
Vibrant Economy
Newmeyer opened the office about four years ago when Silvestre joined the firm. At the time, Newmeyer was tight on space in OC.
The law firm thought it was a good opportunity to open in Santa Monica, which has one of the more vibrant economies of Southern California.
Silvestre said he’s looking forward to being part of Stradling. The law firm traditionally has had a strong corporate practice. He said he enjoyed his time at Newmeyer.
“It was a friendly departure,” he said.
The move helps Stradling restock its stable after it lost several lawyers earlier this year.
Todd Gordinier, who was on Stradling’s executive committee, headed to Bingham McCutchen LLP’s Costa Mesa office, where he now is a partner.
Jason Anderson and Edward Kim, who worked on Gordinier’s team, also joined Boston-based Bingham’s OC office. They are partners.
Four other lawyers went to Bingham from Stradling. All specialized in litigation.
Gordinier has made a name for himself in business litigation, including defense of brokerages in securities lawsuits. The area wasn’t a focus for Stradling.
Growth Track
Stradling’s Santa Monica venture stands to get the firm back on the growth track in a couple of ways.
First, the Santa Monica area has a healthy stock of entrepreneurs and startups,the types of companies Stradling is looking to work with.
And, with the addition of Silvestre, Stradling boosts its mergers and acquisitions practice, said Mike Flynn, chairman of the firm’s corporate practice.
While Stradling has done plenty of M & A; work, it typically represents the companies that are selling.
Stradling hopes to grow its representation of private equity firms, which often do the buying.
Los Angeles’ “old money” has brought it more private equity firms while OC has more startups, Flynn said.
Silvestre said he hopes to grow the Santa Monica office from three lawyers to 10 within two years. Silvestre, who joins Stradling as a partner, hopes to hire a couple of junior-level partners.
Meanwhile, Stradling could add another office in the next several months. The firm is looking to add a San Diego office by June, Flynn said.
