US lateral market at a ten year low

2010 was the slowest year for partners making lateral moves since 2000. In the 12 month period ending 30 September 2010, just 2,014 partners left or joined top law firms in the US – a 27 per cent decrease on the previous year. The 2009 figures were unusually high because the lateral market was flooded with partners from firms that went under during the global financial crisis, like Heller Ehrman, Thacher Proffitt & Wood, Thelen, and WolfBlock. And the 2010 figures were particularly low because many firms were reluctant to hire in the face of continuing economic instability. The article takes a look at which firms hired the most partners, which lost the most partners, and examines the practice areas with the most churn. It observes that many partners shoes to shift when firms merge, like the 54 partners who left Hogan & Hartson when the merged with Lovells to form Hogan Lovells.

US lateral market at a ten year low Mon, Feb 7, 2011