Credit: Nuthawut/AdobeStock The Goldilocks Solution to Law Firm Growth: Large Group Liftouts Prove 'Just Right'
Group hires are having a moment, as one-off laterals often fail to attract clients while whole-firm acquisitions carry significant risks.
June 17, 2024 at 05:00 AM
6 minute read
Law Firm Hiring
What You Need to Know
- Since the beginning of the month, at least five Am Law 200 firms have hired significant lateral groups.
- Recruiters say merging and one-off lateral hires each come with risks and there are many appeals to hiring a group with an existing practice.
- Group hires, because they tend to be followed by a network of clients, can have a financially destabilizing impact on the departed firm, as seen at Stroock & Stroock & Lavan and Burns & levinson.
Between lateral partner hiring and whole-firm acquisitions, law firms have limited options for growth. Both levers present downsides: one-off laterals may fail to pull clients out of their previous firm while acquisitions may come with financial baggage and underperforming practices.
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