Legal Business: 'The Velocity of Partner Movement Is Pretty Incredible' – New York Follows London's Lead on Laterals
A recent Legal Business article by Will Lewallen examines how New York's lateral market is increasingly mirroring patterns long seen in London, with a wave of exits from some of Manhattan's most established firms.
Drawing on Macrae data showing the London and New York lateral markets diverging sharply in Q1, the article explores how firms such as Sidley, Kirkland, Ropes and Latham have pulled ahead through sustained lateral hiring, while traditional New York stalwarts have seen a string of high-profile departures.
Macrae's Washington DC Office Managing Partner, Lauren Drake, comments in the piece on the pressures this volatility places on firm leadership:
"Top performers can be snatched away by outsized compensation packages; some feel like this is a lack of loyalty. This also impacts less lucrative or non-equity partners, whose compensation remains flat to subsidise big rainmakers. It's very hard on culture – this is all feeding on itself and creating a lot of movement. It's a real challenge for law firm leadership to have to manage through this point in time."
Macrae London's Co-Managing Partner, Siobhán Lewington, also speaks to a parallel trend emerging on both sides of the Atlantic — firms building out commercial litigation capability:
"It is a real area of demand, because firms want to create a hedge. Despite the movement of some top litigators, attracting talent can be difficult though. It's hard to get general litigators as they rarely bring a book of business, often relying on an institutionalized client base."
Please note: A subscription may be required to access the full article.