Cecily Zamora
At least once in their careers, most attorneys consider moving to another law firm. This could be due to a variety of reasons, such as not gaining the necessary skills to remain marketable, high leverage, personality conflicts, or simply not liking the firm's philosophy. Lateralling provides attorneys with the opportunity to strategically select a firm that better aligns with their current needs and future goals. It allows attorneys to enhance their network, build new relationships, and redefine their brand. However, lateralling can also be challenging, especially when it involves transitioning practices or relocating. Attorneys considering a lateral move should carefully investigate the financial health and stability of potential firms, assess their marketability, and evaluate the cultural fit to make an informed decision.
| Characteristics | Values |
|---|---|
| Peak marketability | Between 3rd and 5th year |
| Time to make a move | October through December |
| When to make a move | If you have 3 to 6 years of experience |
| Reasons to make a move | Personality conflict with a partner, negative review, desire for a more diverse firm, excessive billable hours, disagreement with firm philosophy |
| Benefits of lateralling | Opportunity to enhance network, build relationships with new clients and colleagues, finding new mentors, ability to do a 'brand reboot' |
| Challenges of lateralling | Appreciating differences between firms and practice groups, limited opportunities due to specialization, difficulty in 'retooling' as seniority increases |
| Factors in making a lateral move | Marketability, mentoring, firm culture, partnership prospects |
| Things to consider before making a move | Firm's financial health, meeting with firm leaders, reviewing financial documents, checking for conflicts with clients |
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What You'll Learn
Timing your move
Timing is a key consideration when planning a lateral move. While it is possible to make a lateral move at any time, there are certain periods that may be more opportune than others.
Firstly, it is important to consider your level of experience. Associates with between two and six years of experience are generally the most sought-after by firms, as they have a good level of experience but are still considered "malleable". If you fall within this bracket, you may find that you can move at any time, depending on the needs of the firm and how well you are marketed.
However, if you are considering a move before you have gained significant experience, you may want to wait until you have developed some marketable skills. It is generally recommended that attorneys gain some client contact experience before making a lateral move, as this is highly valued by firms.
On the other hand, if you have been working for several years and are considering a change in practice area, it may be better to make the move sooner rather than later. "Retooling" is generally easier for junior associates, and it becomes more difficult with seniority.
In terms of the time of year, the period from October to December is often a good time to make a move, as firms are less focused on hiring new graduates and may have more capacity for lateral hires. However, it is important to note that the process can be slow from Thanksgiving through New Year's, as firms tend to focus on holiday parties and end-of-year deals.
Finally, when considering the timing of your move, it is crucial to assess the health and stability of your current firm. If you notice signs of high turnover or financial instability, it may be wise to start exploring alternatives and be prepared to make a move if necessary.
In conclusion, timing your lateral move involves a careful consideration of your level of experience, the time of year, and the stability of your current firm. By weighing these factors, you can increase your chances of making a successful and well-timed transition to a new firm.
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Mentorship and networking
In addition to financial health, mentorship availability is a significant factor in an associate's decision to make a lateral move. Associates may face a conflict between personal career needs and loyalty to their firm. A lateral move may be necessary for better alignment with personal and professional goals. If an associate has a mentor, they should approach that person and ask for their thoughts on the associate's work product, progress at the firm, and long-term prospects. If an associate does not have a mentor, they should seek more feedback on their work from a senior associate or partner. If there is negative feedback or no feedback at all, it may be time to make a move.
Networking is also a key benefit of lateralling, as it provides the opportunity to enhance one's network by building relationships with new colleagues and clients and finding new mentors who can offer fresh career guidance. Lateralling allows associates to redefine themselves without the baggage from their prior firm. However, it is important to note that the differences between firms and practice groups may be subtle, and associates should take the time to meet and have face-to-face conversations to fully understand these differences.
The process of lateralling can reset an associate's career in unimaginable ways, and associates should approach it with the goal of gaining enough information to make an informed decision. Associates should be aware of the realities operating within their firm and group, and if a pattern of high turnover emerges, they should be prepared to discuss alternatives with an experienced recruiter.
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Practice areas and expertise
For example, an attorney practising corporate law may find that they want to specialise further in a specific area, such as M&A, capital markets, private equity, or funds. Similarly, litigators may also benefit from specialising in a particular area of litigation. This specialisation can help attorneys to stand out in a competitive market and pivot their practice to better align with their interests and goals.
When considering a lateral move, it is important to assess whether your current firm provides a clear path to partnership, including opportunities for leadership, training, client exposure, and mentorship. If these opportunities are lacking, a lateral move may be beneficial to advance your career and gain new experiences.
In addition to evaluating your own practice area and expertise, it is crucial to research the potential firms you are considering moving to. Look for firms that align with your values, goals, and desired practice area. Examine the firm's financial health, client mix, and profit-sharing plans to ensure stability and avoid potential conflicts.
Furthermore, consider the experience you will gain at the new firm. Seek out opportunities to enhance your network, build relationships with new clients, and find mentors who can provide fresh perspectives on your career path. By making strategic choices, you can broaden or narrow your expertise and shape your career trajectory.
Overall, when contemplating a lateral move between law firms, thoroughly assess your practice areas and expertise, research potential firms, and seek out opportunities that align with your professional and personal goals.
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Firm culture and values
When considering a lateral move, legal professionals often focus on job responsibilities, compensation, and geographic location. However, firm culture is just as important, if not more so, in ensuring long-term career satisfaction. A firm's culture can vary significantly, and it is essential to find one that aligns with your professional values and aspirations.
To assess a firm's culture, you can start by researching its values and mission, often found on its website or public statements. These statements often highlight their commitment to diversity, equity, inclusion, and work-life balance. Additionally, recruiters with industry connections and experience can provide valuable insights into a firm's culture and team dynamics.
During the interview process, it is crucial to ask thoughtful questions that delve deeper into the firm's culture. Inquire about team dynamics, mentorship opportunities, and how the firm supports work-life balance. These questions can provide a more comprehensive understanding of the firm's inner workings and opportunities.
Firms can actively shape their culture by assessing their current state and identifying areas for improvement. This can be achieved through focus groups, surveys, and interviews with attorneys and staff, seeking to understand their values and goals. Firm leaders then need to take decisive actions to implement cultural changes, ensuring that the firm's values are reflected in its day-to-day operations and governance structures.
In summary, firm culture and values play a pivotal role in the legal profession. By conducting thorough research, leveraging recruiters' expertise, asking insightful questions during interviews, and actively fostering a positive culture, legal professionals can find a fulfilling and rewarding career path that aligns with their values and aspirations.
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Financial health and stability
When considering a lateral move, attorneys should examine the firm's financial documents and meet with firm leaders to understand the firm's financial situation and overall health. This includes reviewing the firm's revenue, expenses, and profitability. For example, requesting a spreadsheet of cash receipts by originating attorney can provide insight into the range of cash received per attorney. If one attorney brings in a large percentage of originations, it may raise concerns about the firm's stability if that attorney were to leave.
Another important metric to consider is revenue per lawyer (RPL), which is widely published and less susceptible to manipulation than other metrics like profits per partner (PPP). Examining the firm's client mix is also advisable. A diverse client base is generally preferable, as it reduces the risk associated with losing a single significant client. Requesting a list of top clients and their revenue contribution can help identify potential conflicts and assess the firm's stability.
Additionally, it is essential to review the firm's expenses and profitability. Prompt payment of essential expenses, such as rent, is crucial. Delays in these payments may indicate financial instability. Aged accounts payable and receivable reports can provide valuable insights into the firm's financial management. Similarly, understanding the firm's obligations to retired or terminated partners, as well as any individually guaranteed loans or lines of credit, can reveal hidden financial liabilities.
In summary, when considering a lateral move between law firms, attorneys should conduct thorough due diligence on the financial health and stability of potential firms. This includes examining financial documents, meeting with firm leaders, and assessing revenue, expenses, and client mix to make an informed decision and mitigate potential risks associated with joining a financially unstable firm.
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Frequently asked questions
October through December is a good time to make a lateral move if you are not expecting a bonus. If you have three to six years of experience, you may be able to move at any time.
Some signs that you should consider making a lateral move include a personality conflict with a partner at the firm, a desire to decrease your billable hours, or a lack of mentorship opportunities. Additionally, if you notice high turnover rates at your current firm, it may be wise to prepare for alternatives.
It is important to conduct a thorough investigation into any potential new firm. Examine the firm's financial health, meet with firm leaders, and review financial documents such as revenue per lawyer (RPL) and profit-sharing plans. Ensure there are no conflicts with existing clients and assess the firm's client mix and diversity.
