The partner lateral hire market remains in full swing despite the uncertain economic climate. While associate recruitment has been cut back unless essential, at partner level firms are more willing to make strategic hires to boost revenues and kickstart new practice areas. The failure rate is pretty high, but the rewards for a successful hire can be great.
Successful hires tend to be those which have a key strategic purpose rather than being a means to principally boost turnover. If both sides are clear and upfront from the outset and realistic targets are set then the opportunity to succeed is much greater. However, there are a plethora of issues and matters to consider from which firm is the best cultural fit, the financials, restrictive covenants, how to determine and quantify a following, and the longer term opportunity. With all this to consider it is no surprise that any move at partner level is a demanding and time consuming process; and that is where a skilled recruiter can come in and help bear the load.
The first step is to determine whether or not a move would be in your interests. There are many factors which will be relevant such as your practice area, likely client following, level of earnings, and perceived demand from the market. We have many years experience in brokering successful partner placements and are always happy to advise.
Please take a look at our Partner Moves brochure on our website and get in touch if you need any advice.