Lateral Link

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

Of the roughly 36,000 partners in Biglaw, roughly 6,800 (18.8%) of them are within a few years of or have surpassed (and then some) the mandatory retirement age. Lawyers 55 or older make up about 1/3 of the practicing partners in the Am Law 200, a figure that will likely hold steady as the tail end of the baby boomer generation ages. Am Law 200 law firms have on average about 34 chairs, executive members, and senior partners whose 35-plus years of experience, client relationships, and leadership must be transferred to a new generation of rising stars. The process is hardly ever smooth and often involuntary.

Most partners in senior vintages begrudge the practice of mandatory retirement; some bemoan that it is an overcautious safeguard or the epitome of ageism. Some claim the practice is supported by scientific studies that link cognitive decline with advancing age — especially after 65, which is about the average for mandatory retirement. However, with advancing medical standards the idea of being forced to retire at 65 may soon seem ludicrous, but for now, how many law firms are prepared to deal with the void left by these partners?

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

As long as it has been around, the Am Law 200 list has been seen as what separates the best from the rest. It seems simple, transparent, and concise with each firm ranked in ascending order. However, many misconstrue Am Law ranks to mean overall value and assume that the firms at the top of the list are indubitably the best.

Some partners with books of business larger than War & Peace assume that the biggest firm will be the one with the best platform and financial flexibility to absorb their practice. In reality, many firms towards the middle of the Am Law 200 can better accommodate these lawyers (although many just as likely cannot).

When looking at the compensation average for partners, the gross profits of a firm are a relatively poor predictor compared to the other available metrics. Among the best indicators of firm health and the compensation is the profitability index…

double red triangle arrows Continue reading “Which Firms Are Potable For Your Portable Business?”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

If you stood outside the AT&T Center on June 15th at 9:10 p.m. local time, you would have witnessed a steady stream of crestfallen Miami Heat fans bemoaning the performance of anyone other than Lebron James. Ask any of those fans if they thought Chris Bosh was worth a max contract in the off-season and they most likely would have answered “No!” with feverish enthusiasm.

Fast forward to the off-season, teams have now expressed interest in signing Bosh to a max-contract sheet. As it stands on Thursday, July 8, the Rockets are willing to pay him $22 million a year.

So what does this mean for you? It means that just because your law firm tells you that you’re worth a certain amount of dollars does not mean you can’t secure more greenbacks. Salary negotiations are tricky, and it is helpful to get in touch with a recruiter before you attempt to renegotiate with your current firm. Before you start maneuvering, here are five pointers to consider before strategizing…

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Justin Flowers

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Justin Flowers is a Principal with Lateral Link. He oversees attorney placements (both partner and associate level) and client relationships with the top international U.S.- and U.K.-based firms in Asia, the Middle East and Emerging Markets. Justin also establishes and maintains relationships with firms new to the international markets in general, or to a specific market, who are in need of attorney placement services on an international level. In addition to his work in international markets, Justin also advises domestic U.S. boutique law firms on their strategic growth and hiring. He practiced law as a litigator for several years before becoming a recruiter. Justin earned a J.D. from NYU School of Law and an undergraduate liberal arts degree, cum laude, from the University of Oklahoma, where he attended the Honors College.

At the halfway point of the year, 2014 so far has been a perfect storm of big ticket corporate work, with the U.S. IPO market on record pace and global M&A activity surging to aggregate value levels not seen since 2007. This year’s torrid deal pace is already turning the normally relaxed summer months into a period of high recruiting activity.

No doubt about it, summer gets a bad rap as lateral seasons go. But whether or not you intend to take advantage of the current deal market driving demand, summer should be a time for action.

If you are considering a lateral move “early next year,” then there’s nothing to be done in the next couple of months other than take advantage of your firm’s renewed enthusiasm for the summer associate class, right? Wrong. Here’s why:

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Sarah Morris is a Director at Lateral Link based in Northern California and oversees attorney placements and client services in California. Prior to joining Lateral Link, Sarah practiced law for five years at Skadden, Arps, Slate, Meagher & Flom LLP where she was involved with the hiring and women’s committees. Sarah also worked as an in-house attorney for Bare Escentuals. Sarah obtained her J.D. from Berkeley Law School (Boalt) and her B.A. from the University of California at Berkeley.

Many candidates find that most lateral interviews end up being easier than anticipated, but there are always those tough questions that you want to be prepared for. In addition to doing your research on the firm or company you are interviewing with, be prepared to spend a few hours familiarizing yourself with the types of questions you may be asked. Nothing turns off an interviewer more than “ummm” and “uhhh.” You don’t have to memorize your responses verbatim (and you shouldn’t), but being prepared will help you avoid awkward answers. While it is impossible to cover every tough question an interviewer may ask, below are some of the more commonly asked questions. In addition to some recommended responses, I have also added comments explaining the purpose of the question, and I point out some “traps” the interviewer may be setting by asking you that particular question…

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Jonathan Birenbaum

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Jonathan Birenbaum is a Director in our New York office and focuses his practices on lateral partner, group and associate placements and client services in the New York area and Canada. Prior to joining Lateral Link, Jon, was a legal recruiter with a New York City boutique legal recruiting company where he placed associates and partners in a variety of practice areas with AmLaw, regional and boutique law firms in New York, California, New Mexico and in Toronto. Prior to his career in legal recruiting, Jon was a litigator with the City of New York, the New York State Attorney General’s Office and in private practice as a healthcare litigator with two New York City firms. Jon holds a J.D. from St. John’s University School of Law in New York and a B.A. in Political Science from the University of Wisconsin-Madison.

I started out as a legal recruiter in 2007. After success with a series of lateral associate placements, the recession hit and associate hiring slowed significantly. The owner of my recruiting firm encouraged us to start cultivating a partner portfolio to broaden the scope of our work. Since then, I have facilitated numerous lateral partner placements with regional, Am Law 200, and boutique law firms. I have come to understand that the recruiting process can differ greatly with the size of the law firm. Partner candidates and their recruiters must take these differences as well as the candidate’s scheduling and timing needs into account when devising the best search strategy for that individual.

The first partner I recruited was an undercompensated yet well-respected defense litigator. I introduced him to an Am Law 200 firm as well as to a regional firm based in Pennsylvania. My candidate appealed to both firms because of his national reputation, the key client he represented (a major North American transportation client), and his history of strong billables and collections. Both firms immediately expressed an interest in meeting with him….

double red triangle arrows Continue reading “Lateral Partner Recruiting: The Beauty Of Boutiques”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

Alliteration aficionados are bemoaning the tongue-twisting fusion of Squire Sanders and Patton Boggs into Squire Patton Boggs. I prefer the feudal-esque Squire Boggs, but then again, I was not on the naming committee. Aside from this rebranding exercise, Squire Patton Boggs makes it clear that mergers (or acquisitions) are easier to execute in principal than reality.

Many of the firms in the Am Law 200 are the result of previous mergers including WilmerHale and DLA Piper. Most of these mergers were consummated before the recession, and since then, the parity between Am Law 200 firms has been dwindling.

The race for supremacy in the legal market has created a system with far less parity than before and consequently, a greater degree of difficulty for mergers. For example, the spread of Profits Per Partner in 2003 is right-skewed — and this will likely always be the case — but overall, there is little variance in spread of PPP in 2003 when compared to the spread in 2014…

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Abby Gordon is a Director with Lateral Link’s New York office. Abby works with attorney candidates on law firm and in-house searches, primarily in New York, Boston, and Europe. Prior to joining Lateral Link, Abby spent seven years as a corporate associate with Cleary Gottlieb, focusing on capital markets transactions for Latin American clients in New York and for the last five years for European clients in Paris. A native of Boston, Abby holds a J.D., cum laude, from Georgetown University Law Center and a B.A. in government and romance languages, magna cum laude, from Dartmouth College. Abby also worked with the International Rescue Committee as a Fulbright Scholar in Madrid, Spain. She is a member of the New York Bar and is fluent in French and Spanish (and dabbles in Portuguese and Italian).

I recently wrote a post on Planning for a Legal Career Overseas in which I touched on questions such as “Which practice areas are most conducive to working abroad as a U.S. lawyer?” and “What should I look for in a firm, if I would like to work abroad?”

Now let’s assume you have an opportunity to work overseas, either through your current firm or with a new firm. It is important to be sure you have all the information you need before deciding whether or not to accept that offer. You should know exactly what to expect before you make the move. It is also crucial for you and the new office to be on the same page.

What are some of the questions you should be asking before you accept that offer?

double red triangle arrows Continue reading “Working Overseas: Asking The Right Questions Before You Take The Plunge”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

Junior associates who weathered the worst of the recession are seeing a break in the clouds. Although the overall rate of lateral attorney hiring in 2014 is roughly on pace with — if not a little behind — last year, the market for junior associates has skyrocketed. According to some reports, the hiring of associates with between 1-3 years’ experience increased by 180% compared to the same period last year. Curiously, while the market for junior associates grew, the market for more senior associates (4-6 years experience) fell 17.6%.

This is not simply a case of fleet-footed Millennials creating new demand. Using Lateral Link’s state-of-the-art job database (which is free to all members), the search firm has tracked aggregate firm demand (as demonstrated by public job postings as well as non-public exclusive searches) for associates, partners, counsels, and in-house attorneys by experience, practice area, region, and other criteria. The tracking showed that searches for junior associates have increased by 50%…

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Kristina Marlow

Ed. note: This is the latest installment in a series of posts on lateral moves from Lateral Link’s team of expert contributors. Kristina Marlow is a Director with Lateral Link’s D.C. office who brings almost 20 years of experience in the Washington legal market to her work with associate and partner candidates. Prior to joining Lateral Link, Kristina spent a decade at Gibson Dunn, first as a litigation associate and then as the D.C. office’s hiring manager. A Michigan native, Kristina earned her J.D., cum laude, from Georgetown University Law Center’s evening program and a B.A. in Journalism from Michigan State University, where she was named “Outstanding Senior.” She also worked as an appellate clerk, as an economic analyst for the federal government, and as a reporter for the Chicago Tribune.

The job seeker had done (almost) everything right: Graduated with honors from a top law school, clerked for an appellate court, practiced at an “A-List” firm, and then went to a government agency to top off his experience and make him partnership material. Imagine his shock when I advised him that landing a general litigation position in Biglaw now that he was 12 years out of law school would be tough without a book of business. After all, he had seen the “revolving door” in Washington; how could it be shut now, he wondered? I conceded that many attorneys in D.C. do move with ease between government and private practice, but that the ones he read about in the Washington Post were high-level officials who firms know will bring in business. “And I’m just a worker bee,” he acknowledged….

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