It’s a common statement heard among law firm leadership: “We don’t want to grow just for growth’s sake”. These leaders often emphasize that their expansions, whether through lateral partner additions or entire group inclusions, are strategically targeted to improve a specific domain, market, or overarching business strategy.
However, a trend is emerging which underlines the practical benefits of sheer growth in ‘Big Law’ firms. Over the past few weeks, a significant number of Am Law 200 firms have been seen making lateral partner and group hires, strategically stepping up their game in order to maintain pace in what has been deemed as the ‘The Great Growth Race’
The growth for growth’s sake strategy, as counterintuitive as it may seem, may actually turn out to be an advantage, particularly for larger firms. As noted by law firm consultant Kristin Stark, the past months have seen some of the largest, highest-profit firms utilize this trend as a potent recruiting tool, further cementing their prevalence in the market.
In a rapidly evolving legal landscape, this trend not just signifies increased market competition, but also evidences law firm strategies adapting to more aggressive growth and expansion models.