As a whole, BigLaw firms have markedly reduced their lateral hiring practices for associates over the past two years. This trend was highlighted in a recent report examining hiring trends within the sector.
Despite the industry’s overall shift, certain notable exceptions stand out. One BigLaw firm in particular bucked the trend last year, making legal headlines for its aggressive lateral hiring strategy. While the firm remains unnamed at this point, it’s clear that their hiring approach is in stark contrast to the majority of their peers.
The reasons behind this trend reduction are multi-faceted, with industry experts citing risks associated with onboarding costs, cultural fit, and potential client conflicts as potential deterrence. Given the high value of associates in terms of billable hours and client relationships, a wrong move can be costly for firms.
Yet, the firm that increased lateral associate hiring most significantly last year has shown that a departure from traditional norms doesn’t necessarily signal failure. It seems that this firm has found a successful formula that balances the risks and rewards of lateral hiring.
It remains to be seen whether this more aggressive lateral hiring strategy will be emulated by other firms, or if it will remain as an exception to the current trend.
Overall, while the landscape of lateral hiring has shifted within BigLaw firms, it’s clear that innovative strategies can still be effective. As the legal world continues to evolve, hiring practices will undoubtedly follow suit. It will absolutely be a facet to watch as more firms make strategic decisions about growth and associate development.