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Lateral Partner Move

Lateral partner moves occur when law firm partners seek a new position, typically with another organization. While a lateral move may benefit the person moving jobs, it can sometimes leave your law firm with a gap both in revenue stream and in headcount. Learn why partners make lateral moves and how you can work with Collier Legal Search to find a qualified replacement candidate. Why Make a Lateral Partner Move? There are many reasons a partner in a law firm might make a lateral move. Common reasons for partners to leave their current position include: Long-term client portfolio growth and rate and retention of client base. Moving to a new firm might create better rates, leading to better client portfolios and networking opportunities. Improved infrastructure. A new firm may offer a proven, stable structure with strong support systems and people in place. Current work culture. If the work culture at a partner’s current position isn’t the right fit, they may leave to find a more suitable culture fit for improved mental well-being and increased productivity. Growth opportunities. A new firm may provide better growth opportunities than the current firm regarding advancement or personal fulfillment. A better work-life balance. While work-life balance can be difficult for lawyers, the firm culture, location of the firm, and any family commitments can impact that balance. While work-life balance looks different for each person, a firm that offers better opportunities to achieve that balance will help with long-term mental health and work satisfaction. Growth in Texas Over the past several years, Texas has gained national attention for its quickly rising population. Making a lateral move to a firm in Texas could create new opportunities for lawyers for the following reasons: Job opportunities due to business growth. The Texas hiring market shows no signs of slowing down. Firms are hiring partners in many areas including litigation, banking and financial services, capital markets, intellectual property, health care, and bankruptcy. Lack of state income tax. Texas has no state income tax, so partners who move can expect to keep a higher portion of their pay. High-paying jobs. Texas also offers plenty of jobs with higher salaries. Relatively lower cost of living. Depending on the partner’s current location, Texas offers a lower living cost than many other metro areas. Retention Retention is a significant factor in lateral partner moves. Between April 2021 and 2022, top law firms hired nearly 404 lateral partners. When a partner leaves your firm and you begin searching for a new candidate, consider the following factors to attract and retain top talent: Offer performance-based raises. Present a work culture that makes lawyers feel included and visible and ensures they will be treated in a friendly and respectful manner. Make clear opportunities for career progression, advancement, and professional growth. Focus on the social governance factors by hiring and cultivating a diverse gender, race, and ethnicity workforce. Interviewing with Due Diligence When interviewing for a lateral partner move, it’s wise to adopt an organized due diligence approach for the process. Beyond gathering information about work product, clients, and rates, due diligence may also include focusing on specific aspects of the move, exploring competing interests of the candidate’s former law firm, and recognizing appropriate transition steps. What to Focus On When interviewing, due diligence includes focusing on key issues for your law firm and the partner candidate. Obtain information from the candidate regarding reasons for their move and job history. This data can help you determine if they are a good fit for your firm. During the interview, ascertain the candidate’s skill set, personality, and client experience. Discuss their future goals to assess their development potential. Consider economic and profitability questions such as what salary and benefits they expect and how their addition to your firm may boost or hinder profitability. Competing Interests Due diligence during the interview process also includes addressing competing interests and the ethics of bringing on the lateral partner. Consider issues such as: Both law firm’s operating agreements Pre-departure/incoming notice to clients Pre-departure solicitation of clients, colleagues, or staff Joint notices and ballots have been sent to clients Appropriate Transition Steps Due diligence can mean taking the appropriate steps to transition a new partner into your law firm and supporting them in taking proper transitional actions at their former firm. For example, plan for a length of transition and start date that honors their prior commitments with the other firm and inform their colleagues. Announce their hiring early at your firm so staff can prepare for a new addition. Collier Legal Search Can Help Navigate a Partner Lateral Move If a partner at your firm makes a lateral move, work with Collier Legal Search to navigate the change. We offer legal recruiting services that can match you with skilled candidates that can step in and help your firm as you make the transition to a new partner or fill the role permanently. Contact Collier Legal Search to learn more about our recruiting process and how we can help you along the way.

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Lateral Move Interview Tips

Blogs / collierlegal

As we enter the tail end of 2020, attorneys are thinking about their career trajectory and whether they should consider a move. If you are thinking about a lateral move, now is the time to dust off your resume (see resume tips here) and polish your interview skills. Your interview process typically depends on your current place in the firm hierarchy. Junior Associate: There are numerous reasons that junior associates move firms early in their careers. With so many of these lawyers in the job market, junior associates must “run the gauntlet” during the hiring process: Screening interviews During this phase, the hiring partner or recruiting committee is gathering general information about each candidate. Make a positive impression to move forward. Interview with Associate or Junior Partner Associates and younger partners are more interested in your personality than your credentials. Don’t go overboard telling them about your competitive nature and ability to work 23 hours a day. Focus on showing them that you are a team player and will fit the office culture. Interview with Partner Older and mid-level partners want to know that it went well with the younger partners and associates. However, they are most concerned with your grades, qualifications, and ability to work. Here, you can tell the firm how competitive you are and how hard you work. Senior Associate: The lateral path for senior associates is far narrower. Hiring firms typically have a particular need for an experienced attorney. Partners will spend a considerable amount of time arguing the pros and cons of such a hire. Despite these obstacles, if you do land an interview, here are things to keep in mind: Sell your skills Your time is expensive now, so you must prove your value. You also need to sell your management skills – client/casework management and staff management. Show the partners that you are ready to “hit the ground running” when hired. Culture Fit As a latecomer to the firm, it’s critically important that you fit in. Conduct extensive research about the firm’s core values and culture, and determine if it’s a compatible match. A professional recruiter should be able to tell you more about the firm culture. Pointed questions Prepare questions that go beyond the basics of casework and responsibilities. As a senior associate, your questions should focus on how your specific practice area operates within the firm, how to integrate with the firm’s culture, what your partner track looks like, and addressing any tensions around the existing staff. Partner Candidate: If you are a partner, you probably already know the people who are interviewing you, and they will have one primary concern: Book of business How much business can you bring with you? Prepare to give an accurate estimate of the number of clients that will make a move with you. Be careful not to oversell your portable book of business – some clients are happy where they are; others may get lost in the shuffle. If your estimate is much higher than the reality, you may find yourself quickly pointed toward the exit. Full-Service Legal Staffing You Can Depend On Collier Legal Search is a full-service legal staffing company. We specialize in placing well-credentialed partners, associates, and legal professionals at every level in law firms and corporations. Our experience, connections, and unique approach to building our candidate database deliver consistent results that clients can depend. We are committed to the success of our clients and our candidates. Let us help you with a lateral move. Contact us at 832-239-5253.

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