As the war for legal talent wages on, law firms are aggressively looking to grow by recruiting groups of attorneys rather than focusing on individual lawyers. Why? Organic growth for law firms takes a long time, especially these days. Likewise, the individual lateral partner market is extraordinarily competitive right now. Plus, there is a supply and demand problem. Many larger law firms have too much work to do and not enough attorneys to handle the work. This is particularly true in several areas of law including almost all types of corporate transactions, labor & employment, cybersecurity, and real estate. In these areas, and others, there simply are not enough trained lawyers to meet the demand. Therefore, the legal recruiting trend for larger firms is becoming to absorb smaller law firms or whole practice areas.
Opportunities for Small Law Firms
As mentioned above, your small law firm could be the talent supply solution for a mid-sized or larger law firm. There are several potential opportunities that may make your firm attractive to a larger law firm:
- The ability to fill a void or strengthen a particular practice area. Clients seem to have almost limitless work and the firms that have enough talent to get it done are reaping the rewards.
- Become the local office in a jurisdiction where the larger law firm has expansion plans.
- Regardless of expansion plans, many AmLaw 100 firms are opening offices in new locations simply to acquire the necessary talent.
What’s in it for You?
For these reasons, your law firm may be in demand. What’s in it for you? Well, first of all, some of these law firms have deep pockets. Therefore, chances are that you can increase your (and your team members’) compensation. That said, there are additional benefits besides more money. You may have the opportunity to join a larger, more prestigious law firm. You can also have a larger platform to grow your practice and service your clients. And, you can have more resources at your disposal. Obviously, now is the ideal time to get in on this legal recruiting trend.
I also think that Practice Group leaders at existing law firms should understand what is going on in the marketplace. There are similar opportunities for practice groups as there are for small firms, which can bring the same benefits.
Explore with Me
It is my job to understand your needs and wants. From there, I can help uncover opportunities for you as an individual lawyer or for your entire team or firm – at no cost. Demand is hot right now so do not put off the exploration any longer. Let’s schedule a time to talk.