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….
There’s evidence to suggest that lateral partner hiring doesn’t always turn out well for the law firms that engage in it. Sometimes firms overpay for talent. Sometimes the talent isn’t as talented as they claimed. Sometimes firms fail to integrate lateral partners well. There are many ways for the process to go wrong.
But what about for the lateral partners themselves? Are they more satisfied with the process and their new professional homes?
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.
The “Legal” world versus the “legal” world. The actual practice of law versus the construction of practices and firms. These are diametrically different disciplines, and while the demand for “Legal” work influences the “legal” world phenomenon of lateral hiring, many other market conditions dictate demand and compensation for partners.
Partners are often sequestered from the tedious details of the lateral market and, consequently, they often undersell themselves to firms and subsequently become underpaid. If you’re a partner looking to make a move, here are 5 beginner’s tips to maximize your lateral partner compensation package:
Ed. note: This is the latest installment in a new series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.
From Q3 2012 through Q2 2013, we have seen approximately 7,500 lateral moves at the top 200 law firms. Approximately 4,500 (60%) were associates; 1,900 (25%) were partners; and perhaps most surprisingly, 1,100 (15%) of the lateral movement consisted of “counsel” or “of counsel” positions.
To clarify, some firms promote their senior associates to a “counsel” position based on seniority, but even excluding this pool of associates, that still leaves a significant number of counsel-level laterals finding opportunities within new law firms. From April 2012 to the end of the second quarter this year, Gordon & Rees had the largest number of lateral counsel transitions, with 34 (in large part due to the fact they opened seven offices in 2012 alone). Seyfarth Shaw, Greenberg Traurig, and Wilson, Elser, Moskowitz, Edelman & Dicker followed closely with 26, 23, and 22 counsel placements, respectively. Notably, Quinn Emanuel Urquhart & Sullivan had 11 counsel transitions in that same timeframe, 8 of them from a group of more than 15 Skadden Arps product liability attorneys who followed colleagues Sheila Birnbaum and Mark Cheffo, two heavyweights in the product liability world….
Ed. note: This is the latest in a series of posts on partner issues from Lateral Link’s team of expert contributors. Today’s post marks the conclusion of a three-part narrative detailing the make up of a lateral move, and is written by Larry Latourette, Executive Director of the Partner Practice at Lateral Link. You can read the first part of the series here, and the second part here.
A TEMPORARY UNCERTAIN PROCESS (CONTINUED)
Résumés: In this digital age, some lawyers and recruiters don’t even bother with resumes — this is a big mistake. First, by taking the time to prepare a résumé, the candidate signals he or she is serious about actually moving. Second, a good résumé can highlight experience and clients in a way that a Web-based bio cannot: it can also be tailored to the specific needs of the recipient firms. I ask all of my candidates to have résumés — if need be, I even prepare the first draft for them.
Business Plans: Along with a potent résumé, partner candidates should also prepare a business plan, which presents an overview of the candidate’s practice, billings, collections, rates and hours worked over at least the last three years, key clients, and a discussion of how the practice would thrive at the prospective firm, should he or she join. If the initial meeting goes well, a firm usually wants to see these details before deciding whether to go forward. When I was a managing partner, I put a great deal of weight on these overviews; as a recruiter, I review them carefully to ensure that the candidate provides their information effectively, frequently going through several drafts to get it right.
Since Bill needed to move in a hurry, we combined the résumé and business plan in the initial submission to firms (going through a half dozen drafts in the process), which allowed them to evaluate Bill as quickly as possible….
Despite the lukewarm job market, the lateral market for partners is going strong. Still, not all partner candidates are created equal. Whether you are trying to lateral to a big firm or a small firm, there are several considerations firms must analyze during the partner vetting process. Unlike the promotion of an internal candidate, a prospective firm does not have ready access to your employment file, does not know how you interact with co-workers, and has not seen you in real action.
On the flip-side, you do not know the internal politics of the firm, what the firm’s long-term strategic plan is, or if there are any potential conflicts with your clients. With all the unknowns, it will be the responsibility of the firm and the partner candidate to make sure all proper disclosures have been made to make sure both sides are compatible. If you are thinking about making a lateral move, check out the tips below, courtesy of the recruiters at Lateral Link….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.