There was a time when becoming a partner at a law firm meant you would stay until death or retirement. But those days are long gone. Today, partners work more as free agents, and firms rely on lateral moves for growth and survival.
This new reality can open up doors to new opportunities for career satisfaction. According to the Major, Lindsey & Africa Lateral Partner Satisfaction Survey, 86% of lateral partners were happy with their move.
Yet despite positive statistics, many partners hesitate to make a move due to persistent myths and misconceptions. Let’s debunk some of these myths that might be holding you back from finding your exact right, perfect-fit firm.
Myth #1: “My book of business isn’t big enough.”
Many partners believe their practice isn’t substantial enough to attract another firm. The truth is that several factors go into calculating a book of business, and you might be underestimating yours. What’s more, size isn’t always the most important factor. There are many different categories of firms, each looking for different levels of business; there may be one for you with your current client base.
You might also find a situation where a firm has complementary work to share with you, allowing you to grow your practice more rapidly than at your current firm. There may also be a succession-planning opportunity if a partner with a large book is retiring and will pass their clients to you. Don’t let assumptions about the size of your portable business prevent you from exploring options.
Myth #2: “I have to move on January 1 or not at all.”
Timing is flexible when it comes to lateral moves. Firms are increasingly recognizing the value of getting the right-fit lateral partners in the door, and depending on the scenario, there’s a good chance there’s no rigid start date. The best time to make a lateral move is when you’re ready and motivated. (And keep in mind, if a firm really wants to bring on a lateral partner, they’ll make them whole on payments in the process.)
If you’re in the middle of a big trial or deal, firms understand you’ll need to complete that work before transitioning. Your timetable is your own, and a good recruiter will help negotiate start dates that work for you, your clients, and your new firm.
Myth #3: “A bad experience at a big firm 20 years ago means I shouldn’t go back.”
Your experience as a junior associate bears little resemblance to what you’ll experience as an experienced partner with a book of business. When you’re a partner bringing in clients, you get treated differently and have different conversations than you did as a junior associate.
Don’t let negative experiences from your early career close doors to potential opportunities. As a rainmaker, you’ll have significantly more leverage and control over your practice than you did before.
Myth #4: “Recruiters work for the law firms, not for me.”
Many legal recruiters do operate with the firm’s interests in mind. However, there are also candidate-focused recruiters who function more like agents or cheerleaders, representing your interests and helping you find the right fit.
A good recruiter will take the time to understand what’s bothering you about your current situation and how to fix it. They’ll represent you in negotiations and help you find the environment where you can thrive.
However, if you’re unsure of the recruiter’s priorities, ask them directly about their approach and who they ultimately serve.
Myth #5: “I don’t have time to meet with 25 firms.”
The lateral partner process is entirely customizable to your needs. You’re in the driver’s seat. If you only want to meet with a handful of carefully selected firms, that’s your choice. A good recruiter will narrow options to those that truly fit your criteria.
Conversely, if you want to explore many options to get a broad view of the market, that’s also possible. The process should match your preferences and availability.
Myth #6: “I won’t be able to work with my favorite associate or team.”
When you make a lateral move, you don’t necessarily have to leave everyone behind. Maybe you could bring that person, whether it’s a promising associate or a seasoned paralegal, with you. Many firms are open to bringing over the partner and key team members who contribute to your success, and some even bring over whole groups or departments.
Even if your team doesn’t move with you, a good lateral partner recruiter will help ensure your new firm has the staffing resources you need to serve your clients properly.
Myth #7: “Changing firms is too risky.”
People tend to over-index the risk of switching firms while discounting the risks of staying put.
The real question is: “What if I make a bad choice?”
With proper research and support, this risk is minimal, and the benefits can be significant. Remember that staying at a firm that isn’t supporting your growth also carries risk to your client relationships, compensation, and long-term happiness. A careful, well-planned move with the proper guidance can significantly reduce transition risks.
The bottom line
Making a lateral move as a partner is a significant decision, but don’t let myths or misconceptions prevent you from exploring your options. With the right support, your switch could lead to increased satisfaction, better client service capabilities, and improved compensation.
As a rainmaker, you deserve to be happy and fulfilled in your career. If your current firm isn’t providing what you need to thrive, it’s worth considering whether there might be an exact right, perfect-fit firm out there for you.
If you’re ready to explore your options or want to have a no-pressure conversation about the possibilities, let’s talk.
