Best Lawyers releases peer-reviewed lists of top legal professionals annually.
Best Lawyers surveys tens of thousands of the industry’s leading attorneys, confidentially gaining insights into the talents and prowess of their peers.
The “Ones to Watch” list, which was first introduced in 2020, includes attorneys who have been in practice for five to nine years. To stay on the list, attorneys need to maintain their positive survey feedback year over year.
This year, “Ones to Watch” told Law Week about emerging trends in their practice areas and changes to local markets and industries that required them to pivot. These top young attorneys also detailed their best advice to other new attorneys.
Adapting to Changes
Daniel Graham, counsel and business litigation attorney at Perkins Coie in Denver, said the increase of remote work has finally leached into court proceedings.
“The main way I have adapted for this change has been to treat those remote events with the same formality and preparation as if the events were held in person,” Graham said. “I realize I am not saying anything revelatory here. However, I do think it warrants repeating because so many folks still seem to be treating the remote aspects of the practice in a casual manner.”
Faegre Drinker partner and complex commercial litigation attorney Alec Harris also said remote court appearances are getting more common. “As judges get more comfortable with this approach, I think we’ll keep seeing even more of this,” he added.
Perkins Coie M&A attorney and associate Hannah Schuppner said her practice area has been most impacted by the recently enacted Corporate Transparency Act. “This new law has directly impacted the formation of entities in connection with M&A transactions,” she noted.
Schuppner explained the challenge is also an opportunity for attorneys in this practice area to remind clients that they can also assist with general corporate counseling in addition to supporting them with transactions and deals.
Justin Nyberg, a real estate attorney at Holland & Hart’s Aspen office, also noted the CTA is a primary area of change for his legal practice this year.
“This year, the federal Corporate Transparency Act imposed significant new reporting burdens for clients who have lots of subsidiaries, such as real estate holding companies,” Nyberg explained. “In my practice, I’ve had to adjust to this new regulatory reality and these reporting requirements [have] become a significant part of the conversation with our real estate clients.”
Alyson Jaen, of counsel and cannabis attorney at Messner Reeves, said changes at federal and state levels require lawyers in her practice to always stay on their toes. New regulations and laws surrounding plant-based medicine continue to pop up in legislative sessions in Colorado.
In the energy industry, changes are sometimes less “charged” in a sense.
Kutak Rock partner and tax attorney Judd Larson explained the Inflation Reduction Act has opened up new tax credit avenues in the alternative energy industry. The new tax credit opportunity is attractive to investors and developers in the state, and offers tax attorneys the chance to educate investors in this area about their responsibilities and relevant compliance periods, according to Larson.
In a related industry, Almira Moronne, partner at Davis Graham & Stubbs, said the funding structures for mining are impeding domestic production. The M&A and financing transactions attorney noted the issue is a big hurdle for her practice area this year.
“[The] ongoing lack of public support for mining in the United States will continue to impede the development of domestic production of critical minerals and other materials needed for the energy transition,” Moronne said.
Larson also noted new types of diligence are needed for specific cases to meet updated tax code requirements. “Another major shift is that this has opened up a new insurance market for covering credit loss and indemnification,” he added. “Moral of the story, is the law is ever evolving and to serve your clients, you have to stay as up to date on new laws and trends as possible.”
Fellow Kutak Rock attorney Ashley Dennis, who is a partner and a finance attorney, said the market fluctuations over the past year have created interesting challenges in the municipal finance practice area.
“Rising interest rates and construction costs have made it more difficult for our municipal clients to get essential projects completed when needed,” said Dennis. “I believe the best service I can provide to my clients during times of stress and uncertainty is simply to listen to them — to work out what the needs are and work to structure solutions that are both economical and efficient.”
Dennis said she’s remained adaptable by sustaining a commitment to continue learning and exploring alternate options for clients. “For instance, when new funding programs become available to our municipalities, I want to learn how such funding works and how we can utilize new products to better assist our clients,” she added.
Chris Carry, an associate and complex commercial litigation attorney at Crisham Holman, noted AI has been impacting his practice area.
“There is an influx of ideas and information related to this area and potential tools but not many answers on what AI in the law will look like five years from now,” he added. “I have adjusted by staying informed on not only the potential benefits it could provide to our practices but also the potential pitfalls of relying too heavily on AI and not independently verifying the information as highlighted by some of the infamous ethics opinions and court orders across the country.”
Emerging Trends
Graham and Schuppner highlighted a continuing emphasis on efficiency and noted AI tools can help. “I think we are going to see these tools play more of a role in sifting through documents in discovery and preparing initial drafts of certain types of documents,” Graham added. “The lawyers who use these tools effectively will have an advantage, especially as time goes on.”
Nyberg also pointed out AI’s ability to cut down time in reviewing opposing counsel comments. He warned attorneys who don’t keep pace with new technology in law will find themselves outmaneuvered by those who adapt quickly to new trends.
Jaen noted innovations seem to be happening directly inside of the industry she serves. The emergence of psychedelics as treatment options for mental health issues could open new markets for attorneys locally, she said.
“It is an excellent opportunity for me to collaborate with my colleagues in different cities when they have questions regarding cannabis and psilocybin laws and how they intersect with our firm’s other practice areas, such as commercial real estate and hospitality,” Jaen explained.
Larson said he expects to see money from private equity return to the market. He also noted that in the new markets tax credits industry, the Internal Revenue Service is issuing a double allocation round this year.
“This means that there will be twice the allocation in the market — which means twice the amount of equity and debt infusions will be available to businesses and non-profits,” Larson explained. “This debt is not interest rate dependent, and [has] been a useful tool for expanding, developing and providing working capital needs across the country (with rates around 1%) for private companies and non-profits, and in some cases, publicly traded subsidiaries, that are operating/developing in low-income communities across the U.S. and tribal land.”
Also on the finance side of things, Dennis noted there’s been an increase in private placements and bank loans for municipalities. She thinks the trend is likely to continue as we’re currently in an election period.
“These structures can be a useful resource with a more predictable outcome, and can also be helpful when a financing needs to be completed within a quicker timeline,” Dennis said.
Alex Smith, employee benefits and executive compensation of counsel at Holland & Hart, said employer benefit and health plans are continuing to evolve based on litigation and regulatory guidance. He added employers and fiduciaries handling benefit plans should stay abreast of the current best practices to avoid participant litigation or exposure to an audit.
Holland & Hart environmental litigation partner Michelle Seares said she’s seen an increase in litigation regarding the failure to pay statutory interest on oil and gas proceeds. She said producers should assess their timing and payment practices to ensure they comply with state statutes.
Carry said one of the biggest state trends is the trajectory of noncompete laws.
“In 2022, Colorado passed updated legislation making the enforcement of noncompete agreements significantly more difficult,” he explained. Carry went on to say the Federal Trade Commission banned noncompetes earlier this year. Last month, a federal district court judge in Texas struck that rule down.
“[This] will be an area to track closely as the issue inevitably advances through the federal courts,” Carry noted. “Under Colorado law, the best advice when seeking to enforce a noncompete agreement or invalidate an agreement is to closely track the statutory requirements in C.R.S. 8-2-113 and make sure the agreement meets every criterion, or it will likely be unenforceable.”
Advice to New Attorneys
As far as finding fast success as a young attorney, some of the Ones to Watch had a few tips.
Graham said being involved with bar associations and court committees is important, alongside establishing mentoring relationships. “I think it is important for new lawyers to engage with the practice and not treat their legal practice as just another job.”
Young attorneys should go out of their way to ask questions, according to Schuppner. ”While it can be intimidating at times, asking questions not only gets you information you don’t know, but it also shows a willingness to learn and understand so that you can progress in your field.”
Larson noted just gaining real practice experience is a key factor in growth as an attorney.
“It’s difficult as a young attorney because ‘you don’t know what you don’t know,’” he said. “This seems like an odd statement, but every specialty in law is like an onion. As you start, you are really just pulling back new layers after new layers as you begin to understand each layer. Even then, once you have a strong grasp on a specialty, you still need to be very cognizant of what you don’t know.”
“My advice for new attorneys is to find the people who are ready and willing to support you and lean in,” said Dennis. “And once you begin to thrive, don’t forget to pay it forward!”
Nyberg said the Ones to Watch designation goes a long way toward establishing the credibility at the core of client hiring decisions. “My advice to new attorneys is to embrace humility. You will thrive by learning to listen deeply, heeding the lessons of your mistakes as well as your successes, treating your client’s and your colleague’s needs as if they are your own, and approaching every task with careful, attentive mindfulness.”
Amy Tindell, an intellectual property partner at Holland & Hart, said, “The goal is to make other peoples’ lives easier while also making them look good in their professional roles, ideally through immediate responsiveness, strategic advice, and exceptional work product.”
Holland & Hart of counsel and labor and employment attorney Laurie Rogers said to focus on your professional relationships. “In addition to building your book of business naturally, you will also surround yourself with mentors, trusted advisors, loyal clientele and lifelong friends.”
Carry suggested young attorneys find a skill that will distinguish them from other attorneys, making them indispensable on cases. “Also, focus on networking with attorneys in diverse practice areas as those can become your greatest referral source as you continue your career,” he added.