Betting on Potential
 September 9, 2004

All law firms are searching for laterals with seven figure portfolios of business. That’s a viable strategy for the most profitable and best branded law firms but it is difficult for other law firms to compete effectively for the best laterals. The result is that many of these firms hire more risky partners who are rebuilding lost practices or have a history of cultural incompatibility with prior firms, usually with little long term success.

Now even some of the best known and most respected firms are revamping their lateral recruiting to focus on senior associates. Miami’s Greenberg Traurig, Cleveland’s Squire Sanders & Dempsey, and Philadelphia’s Duane Morris are actively recruiting senior associates from top firms and offering them immediate partnership. The play is that top quality will always be the biggest lure for new business and that an error at the senior associate level is less expensive and more correctable than with big hitter partner.