The article details how Paul Weiss's decision in 2011 to acquire lawyers from a competitor with ties to Apollo Global Management has had lasting implications for the legal profession. This strategic move not only generated substantial revenue for the firm but also shifted traditional recruitment practices in large law firms. Increasingly, firms seek to attract talent from one another rather than cultivating it internally. This change has led to a more competitive environment, particularly for transactional lawyers, impacting firm dynamics and possibly contributing to their vulnerability under external pressures, such as political influences.
In 2011, Paul Weiss's decision to poach lawyers from a competitor with a lucrative client marked a turning point in the legal sector's recruitment dynamics.
The competitive race for legal talent has shifted from developing talent internally to actively recruiting from peer firms, especially for transactional lawyers.
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