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….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: