The lateral hiring of lawyers in Am Law 200 firms reached a three-year high in 2012, with more than 2,600 partners reportedly moving firms that year. The 2013 Lateral Report, The American Lawyer (March 1, 2013). There is little doubt that law firm partners will continue to relocate at a brisk pace. Increasingly, even lawyers at very senior levels are finding new homes for their practices. Amongst the myriad reasons that management-level partners might consider a change of venue are client appeal, conflict issues, billing rates and alternative fee arrangements, cross-selling opportunities, practice support, mandatory retirement ages and firm politics. Some are motivated by reasons as simple as a change in scenery and/or higher compensation.
The more senior the lateral partner, the more likely he or she is to bring along “groups” comprised of other partners, associates, and support personnel who assist the senior lawyers in their practice and are known to the clients. More senior partners are also more likely to transfer significant clients and client matters and, accordingly, are more likely to have an immediate, meaningful impact on the bottom line of the firms involved at both ends of the move. Accordingly, the transition of high-ranking partners or members of law firms creates additional angst, agita and argument.
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