Staying Put the Great Recession Led to a Ten-Year Low in Lateral Partner Moves
www.americanlawyer.com February 2011 THE LATERAL REPORT STAYING PUT The Great Recession led to a ten-year low in lateral partner moves. BY VICTOR LI FTER A RECORD YEAR for lateral moves What accounts for the drop? For one thing, the 2009 in 2009, law firm partners looked around numbers were artificially high because the market was in 2010 and decided that there was flooded with partners from firms that went under, such as no place like home. In the 12-month Heller Ehrman, Thacher Proffitt & Wood, Thelen, and period ending September 30, 2010, WolfBlock. (Those four firms accounted for 15 percent only 2,014 partners left or joined of the 2009 moves.) Additionally, continued economic un- Am Law 200 firms. That number certainty in 2010 meant that some firms were reluctant to was a hefty decrease—27 percent—from the same period hire. “In general, firms have been much more opportunistic a year earlier, when a whopping 2,775 partners moved. In [about partner recruiting], and that’s due to the relative sta- fact, 2010 marked the lowest number of partner moves bilization of the industry,” says Ari Katz, national director since 2000, when only 1,859 partners switched firms, and of legal recruiting at Bingham McCutchen. was well off the average of 2,458 partner moves each year Still, some firms defied this trend. DLA Piper could from 2005 to 2009. have installed turnstiles in its lobbies with all the turnover Illustration By JOHN UELAND it experienced as it brought in 67 partners, more than any other Am Rochester-based partners departed for LeClairRyan after our survey Law 200 firm, and was also among the leaders in departures—42.
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