Lateral Hires and Due Diligence – Strategic and Financial Review
Lateral hiring by law firms has been increasing over the last two decades, to a point where it has become many law firms’ primary strategy for growth. In a 2005 Altman Weil survey of the largest U.S. law firms, 100% of respondents cited lateral growth as one of their primary management strategies. In part, lateral hiring is being fueled by external market forces:
- The legal market has long been characterized by significant lawyer mobility. Movement between firms has become a common, on-going feature of the legal landscape.
- As firms have expanded regionally, nationally and internationally, acquired other firms or been acquired, several options for lateral lawyer movement exist.
- Strategic choices by firms create increased, or decreased, opportunities for particular practices and specialties, prompting movement.
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