Historically, lateral partner recruiting was a fragmented process, often handled informally by an assistant to the managing partner. Today, it has transformed into a distinct professional function, involving entire teams dedicated to identifying and securing top talent.
Leopard notes that firms now seek not just logistical support but also strategic contributors who can analyze market trends, identify key candidates, and integrate them effectively into the firm's culture and operations.
According to the report, Biglaw firms expect lateral partner hiring to significantly drive their growth this year, and on average, these firms are budgeting more than $4 million to hire lateral partners.
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