When deciding whether to make a lateral move, it is vital that you understand what law firms are looking for so that you (and your legal recruiter) can best market yourself to the firms. In these uncertain economic times, more than ever firms are looking for partners with significant books of business who can boost the bottom line of the firm. While a book of business has always been important, in a flourishing economy, firms are more likely to take a chance on a partner with little or no business but lots of potential. While there are exceptions, for the most part this is not the case in a troubled economy. In fact, firms with profits per partner of $1 million or more may require a lateral to have in excess of $1.5 million in portables. But do not despair if your book is not that large. There are many firms with profits under $1 million per partner, and these firms may welcome someone with your amount of portables.
While firms are looking for higher levels of portable business than in years past, having a portable book may not be enough. Firms are interested in bringing on partners in a practice that complements the firm’s current practice areas and that will be successful for years to come. As we have seen in the past, certain practices come into vogue only to fade quickly (we all recall the dot.com boom and subsequent bust). Having a large book of business in worker’s compensation may be lucrative, but if a firm does not have a worker’s compensation practice, it may not be interested in you, no matter how large your book of business is.
In addition to business, firms are looking for individuals who will fit into the firm’s culture and management. Each firm has a distinctive culture, and firms want to bring on partners who are going to fit into that established structure. If a firm prides itself on teamwork, cross selling, and open office doors, it is not going to respond well to a partner who essentially operates as a solo practitioner.
Moreover, firms are more attracted to partners with solid reputations for being successful practitioners in their field. Partners who have made a name for themselves in the community are more likely to be able to cultivate additional business in the years to come, while a partner who has a big book but is largely unknown in the community and has no desire to cultivate more business may not be as attractive to a prospective firm.
In general, firms also want to hire good people with decent personalities. We’ve all seen the hot-shot attorney with an $8 million book of business who burns through firms on an annual basis by abusing associates and making unrealistic demands on management. While some firms will overlook personality for a large book, many firms have the sense to stay away from attorneys who have questionable personalities, people skills, and/or ethics.