The legal world witnessed a noteworthy wave of group lateral moves in 2023, as major law firms strategically expanded despite a year many viewed as underwhelming for legal services. Key examples included Morgan, Lewis & Bockius absorbing Shearman & Sterling’s entire Munich office, and Paul, Weiss, Rifkind, Wharton & Garrison poaching transactional partners from Kirkland & Ellis.
That said, behind the remarkable headlines these acquisitions generate, partner recruiters and Am Law 100 firm leaders reveal a more complex picture. While these bold moves might be making the news, behind the scenes, for each successful acquisition are roughly 20 attempts that do not reach completion. The success of such moves isn’t merely influenced by the prevailing economic climate, but is heavily reliant on the specific circumstances of the given firm.
In the context of these significant strategic movements, the role of “star” legal personnel cannot be ignored. High-performing lawyers who consistently generate substantial business, also known as rainmakers, are often the catalyst for these group lateral moves. As Justine Donahue, a recruiter at Macrae, says, such influential figures can prompt a team to move with them, based on their impressive client roster and established brand.
For further insights on the subject, you can refer to the original piece on Law.com.