Law firms change. Many times, that change is brought on by a merger or by the hiring of laterals. Interestingly enough, when big firms started to emerge in the 20th century, the “Cravath System” (named after Paul D. Cravath of Cravath, Swaine & Moore) actually prohibited laterally hiring attorneys from other law firms. Instead, Cravath opted for the “up or out” model for evaluating and promoting attorneys up the ranks from associate to equity partner. Nowadays, lateral attorneys are a regular addition to strategies of law firm growth and expansion.
In reality, hiring lateral attorneys can be a win-win for the lateral attorney and for the hiring law firm. For the attorney, a lateral move can mean improved advancement possibilities, a greater platform for clients, an enhanced work/life balance and better compensation. For the law firm, lateral additions can expand practice areas, spur firm growth and capitalize on proven producers seeking to take advantage of growth opportunities.
