Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Credit: Val Bochkov

Lateral hiring has become increasingly important to law firms’ strategies and business models. The evidence for this statement is seemingly everywhere. In a recent survey conducted by ALM Intelligence and sponsored by competitive intelligence firm Decipher, 85 percent of Am Law 200 firms reported that hiring laterals was one of their two most important revenue growth strategies for the coming year. Conversations with managing partners support these findings. In interviews, they report that they are spending more time wooing laterals, and lateral hiring managers are moving up their organizational charts.

That lateral hiring is becoming more important should come as no surprise. In the slow growth environment that has characterized the post-recession era, law firms have had few options for growth. Clients are insourcing more and increasing their use of alternative service providers. This has dampened the opportunity for organic growth. Mergers are complicated and risky but are happening in record numbers. Laterals offer firms a more manageable opportunity for rapid growth while expanding into new markets, adding new services, developing new clients, and, most important, adding new books of business to support increased revenue.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

The Competitive Landscape is Changing

Where are competitors expanding? What practices are growing or shrinking, and where? Get the latest reports on lateral moves, liftouts, promotions, and more by accessing ALM's Legal Compass. Don't have a subscription? Click to get a free trial.

Get More Information

The American Lawyer Industry Awards 2021Event

Honoring outstanding legal achievements focused at the national level, largely around Big Law and in-house departments.

Get More Information

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.