Momentum in the ‘Big Law’ sector has become a topic of keen interest in the legal industry, particularly in light of a slower year for M&A and capital markets that has prompted reduced demand. This market shift has led several law firms into challenging periods, pushing them towards downsizing, merging, or even collapse. Despite these trying conditions, some law firms – even those whose profits are tied to the M&A market – have successfully tapped into sources of momentum to grow market share. These firms have achieved this either organically through promotions and retention of high-performing talent, or by strategically recruiting rainmaking laterals from rival firms.
Leaders from major law firms such as Paul Weiss, Davis Polk, and Paul Hastings have shed light on their approaches to maintain positive direction for their firms, revealing common threads in their strategies. It should be noted though the full range of perspectives and insights are constricted due to the article’s paywalled content.