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Staying Competitive in the Lateral Partner Market
As the head of Major, Lindsey & Africa's Washington, DC, office, I have the opportunity to work with a wide variety of firms, ranging from international mega-firms to small, regional players. Over the years, it has become clear to me that being successful in the lateral market has as much to do with a firm's recruiting process as with the firm's AmLaw ranking. Those who understand the game, regardless of their size, regularly outperform those who just don't “get it.” Below is an examination of some factors that separates the players from the also-rans.
The Numbers Matter ' A Lot
Surprisingly, many lateral partner candidates undertake very little “due diligence” in connection with a move. In many cases, a partner's main criterion for evaluating other firms is the “Profits Per Partner” (PPP) for the firms listed in the Am Law 100 and 200. Although a firm's PPP is important (and may, in some instances, actually bear some resemblance to reality), few partners seem to realize that no independent entity is verifying those numbers or that the PPP number is far from the best measure of a firm's health or long-term prospects. Partners would be vastly better served focusing on things such as: 1) whether the new firm will offer synergies that will allow the partner to further develop his or her practice; 2) whether the new firm's billing structure is consistent with the partner's current billing rate; 3) potential conflicts issues; and 4) the culture of the new firm.
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