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Do-It-Yourself Lateral Hiring
Just over half of the 218 law firms that responded to Altman Weil's new Law Firms in Transition Survey (released June 2010) said they are being more aggressive about increasing lawyer head count in 2010 than they were in 2009. The overwhelming strategy of choice for growth is the addition of laterals, followed by the acquisition of groups of lawyers.
Law firms' intentions to grow by lateral hire are nothing new. Indeed, lateral hiring has been the most-preferred path to growth among larger law firms for years. Lateral hiring, however, is not a panacea. Buying clients via lateral hire is not necessarily strategic, can be expensive, and is subject to the hard reality that lawyers who move to your firm may also move from your firm when the next offer comes along.
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