When a Managing Partner Exits a Firm, Does It Signal New Career Goals or Firm Troubles?
Milbank's hiring of Irell & Manella's managing partner is the latest example of a top leader departing. While leaders often say they leave for new career options, sometimes the exits coincide with internal firm turmoil.
August 27, 2019 at 02:54 PM
6 minute read
The original version of this story was published on The American Lawyer
It doesn't happen often, but it can be telling: managing partners or other law firm leaders abruptly jumping ship from their own firm for a competitor.
Milbank's hiring of Irell & Manella's former managing partner earlier this month is the latest example of a firm leader decamping for a rival. Other examples in recent years include leaders at Fried, Frank, Harris, Shriver & Jacobson; LeClairRyan; Crowell & Moring; and Montgomery McCracken Walker & Rhoads exiting for other law firms.
In contrast to when firm leaders move in-house to clients, sometimes these unusual moves are a signal of a law firm's health: the firms underwent pressures in the years leading up to a leader's departure, such as lateral exits or lower revenue, profits per partner or lawyer head count.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5First Lawsuit Filed Alleging Contraceptive Depo-Provera Caused Brain Tumor
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250