By Eriq Gardner
In the wake of this year's consolidation of the William Morris and Endeavor agencies, are entertainment law boutiques next?
Yesterday, New York-based Frankfurt Kurnit Klein & Selz announced it is merging
with music business firm Serling Rooks Ferrara McKoy & Wrob.
Both firms come into their marriage with a stellar client roster. Frankfurt Kurnit represents the Tribeca Film Festival, Aaron Sorkin, Dean Koontz, John Goldman, among many others. Serling Rooks represents Lady Gaga, Fallout Boy, John Mayer, Ozzy Osbourne, and Moby.
The deal may be a sign of things to come.
Last week, the National Law Journal published an article bemoaning the state of the entertainment industry, highlighting how fees and other compensation have declined as studios clamp down on costs. We've covered this chilling environment
before, so we're not surprised.
Craig Emanuel, chairman of Loeb & Loeb’s Los Angeles entertainment department and talent practice group, thinks that small firms have a challenging road ahead of them to stay independent.
“I do think that in the next 24 months you are going to see more consolidation of law firms, whether it’s in the form of boutiques getting together or individuals from boutiques joining larger firms,” said Emanuel in the NLJ article
. "Like in any business in a depressed time, finding a way to share overhead with somebody else becomes a critical factor."