The Transformation of the Lateral Recruiting Industry - Gillman Strategic Group
I recently read an article in Law.com about the transformation of the lateral recruiting industry and I wanted to share that with you.
The article said that “Some law firm partners, once thought to be impossible to budge, now take new jobs every few years. Meanwhile, databases that recruiters purchase or compile themselves offer quick access to facts about firms’ financials, practices, offices and people ….”
As legal recruiters we employ ever more sophisticated tools to evaluate the marketplace for the lawyers we work with, and to help them pick and choose among the many options they have to advance their careers. Partners with business from clients with whom they have strong relationships can use the information recruiters are able to share with them to learn what kinds of work environments other law firms might offer to them and their clients.
It also stated that “Last year, more than 3,100 lateral partners moved between Am Law 200 firms, representing billions of dollars’ worth of business…. Some 80% of partner candidates considered by law firms come from outside recruiters, according to people at two Am Law 100 firms.”
The amount of movement between firms by lateral partners has been growing by leaps and bounds. And “outside recruiters” (those not employed by any individual law firms but who operate from an independent, third-party perspective), are uniquely positioned to compare how a partner’s practice would fit in at a variety of firms. Recruiters can provide deep knowledge of the marketplace in a geographic area, in specific practice areas, and of the culture at a variety of firms. For partners who have been busy developing their practices, recruiters can offer a shortcut to learning helpful information about many other firms. Recruiters can also offer firms introductions to new partners, whom they might not otherwise have a chance to meet.
The article also noted that “The industry has evolved, and law firms are relying as much as ever on the lateral market to find skilled, diverse attorneys and grow their client bases.”
By expanding via lateral hires, firms have the opportunity to adjust their partnerships —to reflect the changing needs of their clients, cross-market in new practice areas with their existing partners, and grow their ranks in new ways.
If you would like to read the full Law.com article you can find it here.
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