Can a law firm partner dramatically increase their value simply by moving to a competitor?
That’s a bet many law firms are making these days, as it becomes almost routine for the most profitable firms to pay star recruits $20 million or more. But the firms making those investments have their own data suggesting the hires don't always pan out.
When legal consultant Blane Prescott asked a room full of managing partners a few years ago what percentage of their lateral partners met financial projections in the first year, the average answer was 20%. It only rose to 30% by the end of the second year.
Read Sara Randazzo’s latest column here.
