Competition for legal talent at Am Law 200 firms is increasingly fierce, with more lateral partner moves in 2016 than any year since 2009. But the profile of those laterals is starting to change, with some top firms hiring not for books of business, but for the prestige they hope their new partners will bring. Between Oct. 1, 2015, and Sept. 30, 2016, 2,915 partners made a move, almost 1 percent more moves than in the prior year, according to the annual lateral survey conducted by ALM Intelligence (ALI).
In an era when capturing new revenue is increasingly competitive, firms hiring for reputation over portable business are making a bet on the cachet these new hires will add to core practice areas. And they are placing those bets on talent from firms whose partner ranks used to be untouchable.
