In light of the current recession, many law firms, individual attorneys and groups of attorneys have considered joining with other firms as strategic options.
Law firms are interested in increasing their profits, and it is this profit motive that creates a market for lateral hires who control books of business that may be immediately profitable. Better-capitalized firms of all sizes may be able to attract partners and associates as lateral hires from firms that may be experiencing financial distress or a downturn in business in a particular practice area.
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