According to Macrae's report, lateral partner moves at Am Law 50 and Magic Circle firms have decreased by 15% this year in a major U.S. city. The report highlights significant declines in specific practice areas such as antitrust, where moves are down 36%, tax down 44%, and litigation down 23%. In contrast, other markets like New York and London are experiencing growth, suggesting a disparity in the lateral partner market.
The overall downward trend in lateral partner moves reflects pressures facing certain legal practice areas, with notable declines across several sectors. Antitrust is down 36%, signaling shifts in competition and regulatory demands, while tax practices have plummeted by 44%, indicating a potential reevaluation of firm priorities in a changing economic landscape. Litigation also shows a significant decline of 23%, suggesting an overall contraction in certain legal service needs.
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