Profits per equity partner (PEP) grew 11.6% in 2024, one of the strongest PEP performances in recent years, according to the State of the Legal Market Report by Georgetown University Law Center and Thomson Reuters. According to the Report, profit growth was the result of both worked rate growth (6.5%) and demand growth (2.6%).

“2023 could turn out all right, if law firms can collect on what they’re owed” concludes Citi’s Global Wealth at Work Law Firm Group after reviewing the results of Citi’s mid-year survey, polling 209 firms.

NALSC podcast featuring Tina Solis, a partner at Nixon Peabody and NALSC collaborator, who advises law firm partners on the legal and ethical aspects of making a lateral move; Tina covers a range of considerations that can help partners avoid pitfalls.

February through May is historically the busiest season for associate lateral movement. Some openings are new positions based on an increase in work; many are the result of attrition. Often, associates wait to collect their year-end bonuses Dec. through Feb. and then look to lateral. Their departures create openings, which are filled by associates, whose own departures create additional openings.

Pre-Interview

Practice, Practice, Practice

There is no substitute for articulating answers aloud. Have a friend, family member, or your recruiter run you through a mock interview

Review the bios of you interviews

Review firm website

Your choice of a recruiter will have a profound impact on your short-term and long-term opportunities. A recruiter generally cannot help you if you have applied to a particular opportunity through another recruiter. We offer a few tips on handling cold-calls and selecting a good legal recruiter:

In order to maximize the benefits of using a recruiter, you will need to share information with your recruiter. You must be able to trust your recruiter to be discrete and professional. Likewise, your recruiter must be able to trust that you are being candid. Below are a few tips for managing the recruiter-candidate relationship.

Interviewing has switched almost exclusively to virtual, especially for associate searches. Partner processes are largely being conducted virtually as well, although some firms are getting creative in setting up key meetings, socially distanced in partners’ driveways or at a local park. Candidates are receiving offers and starting remotely, without ever visiting their newly joined firm.