Move over New York ...: South Florida law offices are attracting multinational clients with "southern tier" pricing.(LAW)

Where do international companies like New York-based insurance giant American International Group Inc., Indianapolis-based pharmaceutical behemoth Eli Lily & Co. and London's Barclays Bank PLC go when they need legal representation? Ten, or even five, years ago the clear answer was "New York City." But South Florida has since emerged as a hotbed for corporate legal work traditionally done in New York.

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So much for tradition. This law business trend is putting the South Florida offices of firms like Richmond, Va.-based Hunton & Williams LLP in the national and international spotlight. Scores of multimillion-dollar financial services transactions for global conglomerates emphatically declare the region's arrival on the national legal scene.

"Over the past few years I have seen a remarkable shift in the type of work we do and the size of the transactions we are involved with," says Hunton & Williams' Business Practice Group Partner Fernando Alonso, who is based in the firm's Miami office. He notes that the 55-attorney Miami office's pricing is generally 40 percent below that of his New York City counterparts. "Companies can get high-quality work in Miami and avoid high New York City rates," he says.

For instance, Hunton & Williams did the incorporation for the Latin American Investment Guarantee Co., which provides political risk insurance coverage in Latin America for AIG. Eli Lilly turned to Hunton & Williams to help it close a pharmaceutical manufacturing plant, and Barclays has repeatedly retained the firm to syndicate credit facilities in Latin America. These are not small transactions: they range in value from $15 million to $120 million.

Client hunger for lower legal fees is not the only driver behind this trend, according to Charles J. Santangelo, senior director at Hildebrandt International Inc., a professional services consultancy in Bonita Springs. "Miami has turned into one of the nation's more sophisticated marketplaces. It's an attractive place to do business, and a gateway to Latin America," he says. "Miami has become a focal point for international business and the legal profession is right in the middle of it all. And not just large firms. Even talented boutique firms can compete on time and cost."

While there is clearly plenty of New York work to be gained by South Florida firms. Hunton & Williams was drawn to Miami not for that reason, but to pursue high quality opportunities with international clients. Alonso says his firm does not actively promote the fact that clients can choose between its higher-priced New York office and its lower-priced Miami office.