A cursory glance at linkedin will indicate that seniority is no limitation for lawyers when it comes to moving jobs. Partner level recruitment reached a 7 year high in 2015 and may well be exceeded by the end of this year if the first quarter is a baseline for 2016.
In our annual salary review
we identified “scope for progression” as the primary motivator for lawyers moving jobs last year, and from a partnership perspective this was no different residing first on our list of three reasons why partners move jobs.
Progression does not end at the top
About the only thing partnership shares across the legal market is the title. Whilst remuneration rates vary expectedly, many are surprised at how different firms approach entry to equity. Size of equity, historical policy and plain politics are just some of the factors which dictate progression beyond salaried partnership but the end result means a strong push factor for those near, but not quite at the top of the legal hierarchy.
Support, My kingdom for support
Levels of support (administrative, IT, marketing) again vary across the local market and whilst this can have a significant impact on performance for all fee earners, it is not something that is often discussed or even raised at interview. Despite this, the lack of support is often cited as a critical frustration by senior lawyer and integral to their decision to consider a move.
Flotsam & Jetsam
Sales people always worry about the 10%. Despite best efforts, you always operate on the basis that you will lose around 10% of your clients or customers each year. In different industries this number can vary, but in the panel driven world of transactional law, the loss of access to major institutions is just one example of the headaches facing fee earners.
This is reflected occasionally in the movement of senior Solicitors with more line of sight on failed tenders and lost work streams or simply those with market knowledge who wish to avail of lower hanging fruit within a competitor.
Ultimately there are no limits to the factors that drive movement of partners just as much as there are no caps on ambition. If any of the above factors seem familiar to you, or if you would like to have a brief conversation about what the market can offer you then get in touch directly on 01 531 2424 or reach out by email – firstname.lastname@example.org
Three reasons why Law Firm partners move jobs written by Robert Connolly, Director Amicus Recruitment.