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….
As we mentioned in Morning Docket, the American Lawyer recently released its Am Law 200 law firm rankings — a list that’s still closely watched, but not quite as prestigious as being a ranked member of the influential Am Law 100. Sorry, but being a part of the “Second Hundred” just doesn’t have the same ring to it.
While the Am Law 100 celebrated a year of “slow growth” in 2012, it looks like the Am Law 200 will be known for its “bets on bulk.” When all of the big boys were busy playing it safe, perhaps out of fear of becoming the next Dewey, firms in the Second Hundred were gobbling up talent like there was no tomorrow.
Of course, as could’ve been expected, this kind of aggressive hiring had some pretty major effects on firms’ financial performance. So how did the Am Law 200 stack up? Let’s find out…
As we mentioned in Morning Docket, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. They say that “slow and steady wins the race,” and with regard to economic recovery, Biglaw firms seem to have taken that up as their new motto.
Yes, partners are still living as large as they ever were, but their success now comes in the form of single-digit returns with regard to key financial metrics. The divide between the “haves and the have-nots” in the world of major law firms has grown to epic proportions, and some Am Law 100 staples have fallen out of the top hundred firms altogether. Welcome to the new normal.
Are you ready to get excited about “modest” and “spotty” gains across the board? Let’s dig in….
As we mentioned last week, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. And despite all the doom and gloom permeating the legal profession, as well as the stagnant bonuses for associates lucky enough to make it into Biglaw, partners at large law firms are living just as large as ever.
In a way, the recovery in Biglaw is not unlike the recovery in America in general. If you were already well-off, you’re doing great now. It’s just not trickling down to anybody else. See, e.g., anemic spring bonuses.
Interestingly enough, the division of the world into “haves and have-nots” continues even into the world of major law firms. Partners at super-top-tier firms are putting even more distance between themselves and partners at less high-powered or less profitable firms.
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.