Reuters Legal’s Post

Explore the dynamics behind partner departures at Cravath Swaine & Moore, shedding light on strategic shifts in the legal industry.  Stay informed, dive into the details: https://lnkd.in/ewJctmpB #lawfirm #partnerdepartures #legalindustry #strategy #Cravath

If there is a constant in BigLaw, it's that the availability and viability of the "counsel" title at BigLaw firms is constantly changing. Is this title now harder to justify at some firms? Yes. Are some firms still promoting or hiring lawyers in this role because it offers a designation other than partner that can still be important in the marketplace? Yes. Is it the right title for you? Yes/No/It Depends. To know how the title actually benefits an individual lawyer in practice (including in compensation, marketing, and long term in the firm), you have to understand your particular firm's motivations for offering it. And how it might or might not help you achieve your long term goals, either at your current firm or perhaps at another one. Don't make assumptions that a title change (or a lack of one) is the right step for you, without assessing more deeply within your firm and the industry overall. It's important to do your research, and check your analysis about why you might or might not be interested in making the move to counsel. #biglaw #ofcounsel #lawfirmtitles #lawfirmpromotion #lawfirmstructure #lawfirms #legalindustry #workpromotion #lawfirmtiers #incomepartner #lawfirmassociates #lawfirmrecruiting #legalrecruiting #lawyercoach #lawyercoaching #attorneycoach #attorneycoaching

Law firm partner hires in the first two months of 2024 ran at the second-highest pace on record. According to data provided by legal recruiter, Edwards Gibson, there were 101 law firm partner moves in the first two months of this year, an increase of 7 per cent on the number of hires the market saw during the same point last year. The report stated that the rate of hiring is the second highest on record, coming second place to 2017 when the figures were “artificially inflated” following the collapse of King and Wood Mallesons (KWM). Additionally, the data highlighted that 38 per cent of all hires were female while just below 30 per cent were hires of non-partners moving into partnership. ✍️ Maria Ward-Brennan Read the full story here ⬇️ https://lnkd.in/e7y37ygJ #law #lawfirms #newhires #growth #uknews #news

After an all-time record year for Big Law partner hires in London in 2023, and an even stronger first-half of 2024, it might reasonably be assumed that the market would start to cool a tad. Yet, astonishingly, over the summer, the market dramatically accelerated - up nearly a fifth on last years’ record and more than 40% higher than the decade average for the same period.  Once again, the sharp increases have been driven by (predominately) US law firms making private equity-led investment bets with multiple firms hiring footloose teams – often serial movers cannibalised from other US law firms. Whilst this has been good news for recruiters (and for the sake of humanity at large we should of course always think of those tireless altruists!), it is perhaps a little surprising that the market has been quite so frothy; after all the global economy has not exactly been peachy and, in the UK at least, it has been clear for some time that tax rises are on the way with the new debt-ridden government making no secret that private equity, and in particular its treatment of carried interest, is very much in its cross hairs. For a full break down see our latest report below. #biglaw #legalrecruitment #lawfirmmangement #privateequity #litigation #citylaw

The legal landscape in London continues to undergo transformation as U.S. law firms grow market share. …   Learn more about recent market shifts and the key differences between the Magic Circle and US firms in the City.   https://lnkd.in/eFWZQRaF

Freshfields in NYC is joining the 4-day in the office crowd as of May 1. This applies to everyone. Simpson Thacher & Bartlett; Skadden, Arps, Slate, Meagher & Flom; Davis, Polk & Wardwell; and Weil, Gotshal & Manges have already announced four-day mandates, as well as Ropes & Gray and Vinson & Elkins. Law firms in general have been gravitating toward more days of office work. Last year, nearly three-quarters of Am Law 200 firms said they were requiring fee earners to spend some time each week in the office. Of more than 150 firms who responded to an ALM survey, 110 of them said they required lawyers in the office between one and five days per week. A plurality of firms, 87, said their requirement was three days per week. This seems to be a trend. #RTO

"Law firm leaders who want their business to perform more like Kirkland's likely can't get there simply by adding non-equity partners. They must also promote or hire more talented lawyers into ownership positions. (Bloomberg Law) https://lnkd.in/eybw6Kau #biglaw #lawpartners #legalprofession #legalindustry #equitypartners

Our 83rd edition of Law Firm Partner Moves in London is here! For the second consecutive time, this edition contains the highest number of moves for the same two-month period since our records began in 2007. The bi-monthly round-up records 124 partner moves; 27% up on the cumulative five-year average of 97 and 38% up on the ten-year average of 90 for the same period. The most prolific hirers this edition were: TLT LLP (8) Eversheds Sutherland (5) Addleshaw Goddard (4) Cooley LLP (4) Fox Williams (4) Howard Kennedy LLP (4) Hunton Andrews Kurth LLP (4) Mishcon de Reya LLP (4) Goodwin (3) Greenberg Traurig, LLP (3) McDermott Will & Emery (3) Morgan, Lewis & Bockius LLP (3) The firms with the highest partner attrition this edition were: BDB Pitmans (9) DLA Piper (4) EY (4) CMS (3) Eversheds Sutherland (3) Kirkland & Ellis (3) Orrick, Herrington & Sutcliffe LLP (3) Read our full analysis in the latest edition of Law Firm Partner Moves in London here: https://lnkd.in/evR4VjcW #BigLaw #London #lawfirm #legal #partnership #law #recruitment

Out today Big Law’s publication of record - the 83rd Edition of Edwards Gibson’s law firm Partner Moves in London. The law firm partner hire market remains white hot and this round-up details an astonishing 124 announced hires in the last two months. This means that (barring a UK budget or US election induced collapse in the last two months of the year) 2024 is almost certain to top even last year’s record number of hires. US founded law firms continue to dominate much of the upper echelons of the partner hire market and, whilst this edition is no exception, it is notable just how much once highly conservative New York law firms feature - both winning and losing laterals. Aside from the likes of Paul, Weiss, Rifkind, Wharton & Garrison LLP which, in what has become something of a Big Law cliché, continued its more than year-long rolling raid on Kirkland & Ellis totting-up its 14th and 15th hires from its Chicago rival in as many months, other Manhattan outfits which rarely feature in the lateral hire market include: Cravath, Swaine & Moore LLP which poaches a second two-partner English-law leveraged finance team; and that whitest of white shoe Wall Street outfits- Davis Polk & Wardwell LLP - which loses its first ever London lateral to another law firm. Still, it’s not all about US firms. Bristol headquartered TLT LLP tops the list of hirers – swiping a leading eight-partner infrastructure planning (and real estate) team from BDB Pitmans; and, from a lateral hire perspective even more infrequent than an appearance of the mysterious Scottish village of Brigadoon, Dickson Minto that clandestine Caledonian private equity boutique, whose profits once scraped those of the magic circle, makes its first ever London lateral hire. Is this a new strategy for the Scottish outfit? – We’d ask but as we point out in the report: “the first rule of Dickson Minto is that you don’t talk about Dickson Minto”.  To read the full report, click here: https://lnkd.in/eWtyYx7g #Biglaw #citylaw #lawyer #recruitment #privateequity #litigation #lawfirm

This is a fascinating article about the recent Latham finance team move to Sidley. We are moving more and more teams and such moves are becoming much more commonplace in the UK legal arena. Firms should not take their eyes off hiring star individuals, but team hires are obviously the dream ticket in terms of guaranteeing client portability and also in terms of time efficiency – bulking up in one go is so much more efficient! The potential downside is that teams often move on again after their guarantee period ends - integration is essential. If you are a team looking to move and looking for advice on the many emotional and legal hurdles that will need to be navigated,  give me a call -  020 7332 2680/ 07974 230 058. https://lnkd.in/eEYqm8b2 #teammoves #lawfirms #legalrecruitment #deacon