28 Mar Are you a partner thinking about a move?
At Marsden, every day and from many of our global offices, we speak to partners looking for lateral moves. We’ve noticed a few topics that come up regularly which reflects what potential laterals need to think about when considering a new firm. What they may need or want from a firm often depends on what stage of their career they are at, but there are several common themes.
Despite the widely-held perception, law firms are actually all very different and have unique cultures. Other than brand, market reputation and standing, here are some of the things it is essential to think about when choosing your next firm.
What does the destination team look like?
- Does the firm have an existing and well-resourced team that you can work with or will you be required to set it up from scratch? If so, are you excited by such a challenge, or daunted by it?
- How easy will it be to recruit lawyers into this team? Does the firm have a brand that will easily attract associates? How well does the firm compensate associates compared with competitors, and is there a designated career path for them? Do you need to obtain head office/senior management approval in order to hire or will you have a free rein?
- How well-respected is the team within the firm and what support from the management does it receive? How important is your practice area to the firm? Is it regarded as a core capability and is it one earmarked for growth?
- How busy is the proposed destination team with existing work, and is this a good thing for you personally as well as professionally when added to the level and amount of work and clients which you will generate?
- How much untapped client potential currently exists in the team? Will work and clients referred to you add real value to your practice (which translates into performance metrics)?
- How do the firm’s fee rates compare with your current firm’s and, if higher, will your current clients accept the increase; if lower will they be pleased or wary about maintaining service levels?
How is the firm managed and how does this impact its culture?
- To what extent do you think you will be able to do business development and bring in new clients without treading on the toes of other partners? Is there enough space for you to develop and grow your practice area and business?
- How does the current leadership of the group interact with firm management?
- If it is an international firm, how much control does your potential office have and how much is dictated by an overseas HQ?
- What is the infrastructure of the firm like and what level of support does it offer in terms of business development and marketing, HR, IT, training and development, knowledge management and secretarial services?
- How big is the firm? Might a smaller firm allow you more flexibility in where you work and the way you work?
- What does the firm’s current client base look like? Are they more or less demanding than you are used to and what kind of pressure can you expect? If it looks like the pressure will be less, will this translate to a compensation drop and how do you feel about this?
- How much do you know about the senior/managing partners and what impact do they have on driving and monitoring firm culture and behaviours?
How would the compensation compare?
- How does the firm’s compensation structure work – and will you be better or worse off when taking into account your referrals to/from other teams/offices?
- Will the way the firm compensates partners affect your personal cashflow, and if so, are they willing to negotiate transitionary arrangements to make the switch easier?
- What is the retirement age for partners in the firm and does the firm have a history of starting to push out partners in their late 50s?
- Have you considered an alternative business structure/”new law” firm model rather than a traditional firm and would it be a better destination for you financially? Some of these offer ways of working that you might not have experienced before (for example, there are those that allow you to earn 50% of the bills you generate).
At Marsden our experienced and well-connected consultants help you negotiate the best opportunity for you. We can also advise on business case preparation and the most effective strategies to complete Lateral Partner Questionnaires. Do get in touch with our partner team to find out how we can help.