__MAIN_TEXT__
feature-image

Page 60

FOR YOUR PRACTICE

| LAW OFFICE MANAGEMENT

Partners’ Survey Highlights Importance of Lateral Integration

BY RANDI LEWIS

Hiring and retaining lateral partners is integral to the growth strategies of major law firms. Ensuring lateral partner engagement and satisfaction is essential for retention of these new additions. Partners exploring the market and law firms courting them can make better decisions by understanding the keys to why lateral partners change firms and how they define satisfaction with their new firms.

MAJOR, LINDSEY & AFRICA has

been studying lateral partner satisfaction since 1996. In January 2020, we published our fourth Lateral Partner Satisfaction Survey, which examined a host of factors impacting lateral attorney moves and the likelihood of the attorneys’ success at their new firm. Below are some of the key findings. Key reasons partners leave their firms The top reason lateral partners cited for leaving their firms, particularly younger laterals, was a lack of confidence in firm management. Those who left for that reason were generally much happier at their new firm. Other top reasons partners reported for their departures were lack of support to build a practice, firm culture, concerns about the firm’s financial health and lack of leadership opportunities.

58

MSBA.ORG | ISSUE 1 2020

Factors most important in choosing their current firm The ability of the new firm to support their practice and take it to the next level was the No. 1 reason lateral partners cited for choosing their current firm. Firm culture was a close second reason, followed by the personalities of the partners, the new firm’s firm management and its financial health. Interestingly, anticipated compensation was the sixth-most important factor for partners in choosing their current firm. Impact of effective integration on lateral satisfaction One of the most important findings of this survey is that effective integration is the greatest single predictor of lateral success. The most satisfied lateral partners largely viewed their firms as having been effective in

Effective integration is the greatest single predictor of lateral success.

Profile for Maryland State Bar Association

Maryland Bar Journal – Volume 2 Issue 1  

MSBA's premier member publication, featuring insight, legal news, and faces of the profession. Due to COVID-19, MSBA has made this issue of...

Maryland Bar Journal – Volume 2 Issue 1  

MSBA's premier member publication, featuring insight, legal news, and faces of the profession. Due to COVID-19, MSBA has made this issue of...