Lateral partner hires - how things have changed

The global financial crisis has raised the bar for lateral hires in the legal services sector, with firms pickier than ever about whom they take on. Key features of attractive candidates include a healthy book of business, and an ability to tap into and grow the firm's existing practices. Conversely, firms are less willing to take on ‘investment hires’ – promising lawyers who are yet to fully develop their client lists and solidify relationships. And while the lateral associate market has almost completely dried up, the lateral partner market remains strong. Firms on relatively solid financial ground can offer stability to attractive laterals, and the new hires offer the instant infusion of capital that comes with their book of business. The compensation deals offered to new laterals have also changed, with firms less likely to guarantee a particular salary level and turning to more creative remuneration strategies to attract desirable candidates.

Lateral partner hires - how things have changed lawjobs.com Tue, May 11, 2010