Credit: shock/Adobe Stock Law Firms Seek Out 'Money-Generating' Partner Moves Amid Big Law's Arms Race
Even though partner moves were down year-over-year, Decipher noted that law firms last year figured out one of the fastest ways to grow: buying partners with books of business.
April 19, 2024 at 03:24 PM
6 minute read
What You Need to Know
- Partner and associate moves were down across the board year-over-year last year, but up over their six-year averages.
- Firms have been looking to hire relationship partners with books of business, while service partners saw less activity in 2023, but movement in their ranks has picked up in 2024.
While partner and associate lateral moves across Big Law were down last year, some law firms grew market share by adding key rainmakers from competitors—and these types of moves didn't slow down.
According to data from Decipher, partner moves in general decreased by about 26% in 2023 from 2022. In particular, hires for "terrific junior partners who may not yet have their book of business built up" declined most in 2023, though there was an upswing toward the end of the year, said Gregg Hamman, chief data officer at Decipher Investigative Intelligence, which tracks and analyzes lateral moves in the legal industry.
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