Most firms have raided rival in last two years
Almost two-thirds of top firms have hired a team from a rival practice in the last two years, with the majority of firms claiming to have made the money back on their investment within two years. Ninety-six of the UK's 130 largest firms - representing 61% - have recruited a team of lawyers from another firm in the last two years, according to research by accountancy and professional services firm Smith & Williamson. In addition, three-quarters of these teams became profitable within two years of changing hands, according to the survey.
December 11, 2007 at 05:03 AM
2 minute read
Almost two-thirds of top firms have hired a team from a rival practice in the last two years, with the majority of firms claiming to have made the money back on their investment within two years.
Ninety-six of the UK's 130 largest firms – representing 61% – have recruited a team of lawyers from another firm in the last two years, according to research by accountancy and professional services firm Smith & Williamson. In addition, three-quarters of these teams became profitable within two years of changing hands, according to the survey.
Most teams moving firms are fairly small, with 46% of team hires seeing between two and five people change firms and almost a third (29%) including six to 10 individuals. Fifteen percent of moving teams numbered 11 to 20 people with just 7% comprising more than 20 new staff.
More than three-quarters (77%) of firms interviewed said they would consider acquiring a new practice in its entirety from another firm.
Giles Murphy, head of assurance and business services at Smith & Williamson, said: "Whilst three-quarters of these 'bolt-on' teams are fairly small, a significant minority make sizeable additions to a business. Acquiring an established team can be a relatively rapid way to achieve growth and can create fewer integration issues than mergers between similar sized practices."
He added: "From a management point of view, bringing an established team of individuals on board can be more straightforward than building a team through a series of lateral hires."
Real estate emerged as the most likely practice area for teams to switch firms, with commercial and litigation work placed equal second, ahead of transport and finance.
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