Culture over scale

After 43 years working with legal firm Thompson Coburn – and no end in sight – it’s clear that Tom Litz loves not only what he does, but the company he’s been with for the majority of his career.

As for what’s kept him there for so long, Litz, who is Partner and Co-Chair of the Corporate Department, has a simple answer.

“I get asked that a fair amount and it’s really the people,” he confirms. “And obviously being able to practice in an area that I have interest in and potentially can add value to clients.

“But we have a wonderful group of very smart people here. It is very gratifying to see them be successful as our practice has been successful. So it’s primarily the non-monetary gratification of being able to practice in an area I like with people that I’m very fond of.”

In an industry often dominated by global giants and eye-watering fee structures, Thompson Coburn offers a compelling alternative: bigger isn’t always better.

After more than four decades with the firm, Litz has witnessed immense shifts in the profession, yet he remains convinced that a focused, middle-market strategy delivers enduring value for both clients and lawyers – sometimes even more so than the large, global competitors.

A personalized approach

Founded by Thompson Coburn’s predecessor in 1929, the firm has not only endured but thrived as the industry and the world evolved. This is precisely why Litz believes the company is well placed for whatever the future throws their way.

“I think that we’re well positioned, because we’re nimble as an organization to adapt to changes without the need for a lot of infrastructure that a larger organization might need to roll out emerging technologies and so forth,” he says.

“We don’t need a huge investment that larger firms may have to have to stay up-to-date with changes in technology. We do know – based on experience – that as a professional service provider, the manner in which we deliver our professional services is likely to change dramatically. And that’s where being nimble is very valuable.”

The pace of practice has accelerated dramatically over Litz’s career. What was once a paper-driven profession is now a 24/7 environment defined by instant communication and heightened client expectations.

And while that may be demanding, Litz views this development as a reflection of strong client relationships and the ongoing relevance of Thompson Coburn.

“You may hear this a lot in the legal profession, but the pace of change is just incredible,” he emphasizes. “Just looking back on history and using that as a guide, it’s very difficult to predict what the future of the industry looks like.

“I think AI is a huge disrupter. It’s probably in every conversation you have, top of mind for people in all businesses.”

But while Litz happily acknowledges AI’s transformative potential, he is clear that technology is an enabler, not a replacement.

In the private equity sector, Thompson Coburn’s cost-effective model is particularly attractive to middle-market clients who are conscious of how legal fees can impact their returns. Yet cost alone is not the differentiator.

Enduring partnerships

What truly sets the firm apart, Litz believes, is its depth of institutional knowledge – built through decades-long client relationships.

These long-term partnerships and the culture at the core of the company enable its lawyers to move beyond transactional advice and deliver insight that is proactive, tailored and deeply aligned with objectives.

“It’s almost like a family or close friends kind of thing where people really care about each other and it’s not an internally competitive situation. It’s very transparent,” Litz explains.

“Throughout the organization, our team members might not agree with everything that goes on every day, but overall there’s a sense that the leadership of the firm has their interests at heart.”

As Thompson Coburn nears its centenary, the firm is focused not on reinvention, but refinement. The priority is to continue expanding sustainably in a way that preserves culture, strengthens client relationships and creates opportunities for the next generation.

Returning again to the idea that it’s the people at Thompson Coburn that make it so special, Litz adds that longevity is truly the name of the game.

“One of the things is we are very focused on preserving our culture, not growing for growth’s sake,” he says.

“We still, as a living, thriving organization, want to grow for the interest that creates opportunities for younger people coming up through the ranks. When we hire people, we expect them to finish their careers here.”