As 2013 brings on a new year, things will very much remain the same in terms of law firms seeking lateral partner hires. The Wall Street Journal, American Bar Association and The American Lawyer, at the end of 2012, all reported that 96 percent of surveyed law firm leaders said they intend to expand their firms over the next two years by lateral hires. Nearly three out of four plan for lateral hiring over the next five years. Despite those who might be displeased with some lateral hires (only 28 of the surveyed lawyers said their firm’s lateral efforts were effective, and 10 percent said they were neutral or negative), there are a number of reasons why law firms will not sway.
First, law firms are in the business of making money, and the quickest way to generate capital is by bringing in a lateral partner with a sizeable book of business. The more lateral partners with substantial books of business, the more the firm can grow. Such actions can equal immediate financial gain. Moreover, if a senior-level attorney leaves a firm, a quick fix could be made with the hiring of an experienced lateral who can cover client needs.
