How Much Business Do You Really Need to Make a Lateral Move?

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Lateral partners are hot, hot. Firms want rainmakers, and anyone with business or potential for business seem to be for sale. And even if you're content at your current firm or the hopelessly faithful type, most lawyers want to think that they can go elsewhere if they choose.

So what's the deal? Can you move? Or are you stuck?

In the last few years I've heard two persistent rumors about the lateral partner market:

1. Major firms won't give you the time of day unless you come to the door with $5 million or so in business.
2. Female and diverse partners are in high demand, and firms will pull out all the stops to get them.

First, let's talk about the book of business you need. For a long time, $1 million was the magic number. But in the past few years, the word on the street is that you need $4 million or $5 million to start a conversation with a prospective firm—and if you have less than that amount, you might as well stay put and crawl back into your hole.