Law Firm Articles

Lateral Hires and Due Diligence – Strategic and Financial Review

Lateral hiring by law firms has been increasing over the last two decades, to a point where it has become many law firms’  primary strategy for growth.  In a 2005 Altman Weil survey of the largest U.S. law firms, 100% of respondents cited lateral growth as one of their primary management strategies.  In part, lateral hiring is being fueled by external market forces:

  • The legal market has long been characterized by significant lawyer mobility.  Movement between firms has become a common, on-going feature of the legal landscape.
  • As firms have expanded regionally, nationally and internationally, acquired other firms or been acquired, several options for lateral lawyer movement exist.
  • Strategic choices by firms create increased, or decreased, opportunities for particular practices and specialties, prompting movement.

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