Lateral Partner Hiring 2024: Key Insights and Trends
The lateral partner hiring market continues to be a critical driver of growth and transformation for law firms, enabling them to bring in experienced talent, expand client relationships, and bolster strategic expertise. However, navigating this complex landscape requires firms to balance competing priorities, from cultural alignment to market demands and diversity challenges.
To shed light on these dynamics, the 2024 Lateral Partner Hiring Survey provided essential insights into the practices, priorities, and challenges shaping this evolving space. Conducted in partnership with Leopard Solutions and Wisnik Career Enterprises, this inaugural survey captured responses from 93 legal industry professionals specializing in talent acquisition and recruitment.
The findings offer a comprehensive look into the world of lateral hiring, with a focus on:
- Strategic hiring objectives.
- Recruitment tools and processes.
- Challenges faced, including diversity and hiring timelines.
- Industry-wide frustrations and opportunities for growth.
This infographic delivers a snapshot of the survey’s key takeaways, showcasing trends that illuminate the shifting priorities and strategies within the legal industry.
Highlights from the Data
The survey reflects input from a diverse range of firms, including Am Law 200, boutique, and midsize practices. Here are some of the most noteworthy findings:
- Proactive Recruitment:
- 69% of respondents are focusing on proactively identifying and sourcing lateral candidates, signaling a strategic shift toward long-term growth.
- 64% emphasize aligning hiring practices with firm objectives, underscoring the importance of thoughtful planning in an increasingly competitive market.
- 69% of respondents are focusing on proactively identifying and sourcing lateral candidates, signaling a strategic shift toward long-term growth.
- Strategic Growth Drivers:
- Firms are prioritizing expertise in high-demand practice areas (39%) over geographic or client-centric expansions.
- Revenue potential remains critical, with 92% of firms citing a candidate’s book of business as a top priority.
- Firms are prioritizing expertise in high-demand practice areas (39%) over geographic or client-centric expansions.
- Diversity and Gender Representation:
- A growing commitment to gender diversity was evident, with 81% of firms actively recruiting more female lateral partners.
- Yet, challenges persist: 54% of respondents report difficulty in sourcing diverse candidates.
- A growing commitment to gender diversity was evident, with 81% of firms actively recruiting more female lateral partners.
Challenges and Opportunities
The survey highlights several persistent challenges in the lateral partner hiring process, including:
- Lengthy hiring timelines (42%), which can hinder firms’ ability to secure top talent.
- Inconsistent interview practices (32%), pointing to the need for more standardized approaches.
Despite these hurdles, firms are actively investing in solutions, including expanding hiring teams (56%) and refining recruitment strategies to better align with long-term goals.
Explore the Data
This infographic offers a visual representation of the survey’s findings, breaking down critical data points and emerging trends in the lateral partner hiring market.
For a deeper dive into the survey’s insights and actionable recommendations, stay tuned for the release of our whitepaper, scheduled to launch during the week of December 16. This report will provide a detailed roadmap for law firms aiming to optimize their lateral hiring strategies in 2024.
