Moving a Practice Group with Significant Business | BCGSearch.com

Moving a Practice Group with Significant Business

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This associate moved with a group. Partners with large books of business are always attractive to firms. Always. Most major law firms require a portable book of business of at least $1.5 million to consider a lateral attorney for an equity partner position. Some require more than this amount, with top Am Law firms requiring around $3 million in business to consider a lateral candidate for equity partner. The threshold for income or non-equity partners is lower, usually around $500,000 or more, with most major firms requiring around $1 million in business for income partners. Firms also welcome groups of attorneys if they support a partner with a significant book of business. They will consider attorneys as part of the package and may be flexible regarding books of business if the main partner or partners have large books that can support their team.
Moving a Practice Group with Significant Business

Here the partner was well known in her field and had a considerable book of business. During our first conversation I asked what was on her "wish list" for her next firm. She was looking for a top firm that supported women's and diversity issues and had solid financials. I immediately thought of the firm where I ultimately placed her, and she confirmed that this firm was on the top of her list as well.

 
We discussed other parameters of her search and I got busy researching firms.
 
I started my research by looking for top firms that were financially solid. The partner was less concerned about the overall Am Law ranking of prospective firms, and more concerned about financials, including revenue, profits per partner, net income, etc. In preparing a list of firms for her to consider, I dug deep into the metrics that make up the Am Law 100 list. I also reviewed information provided by firms on their websites, to the extent this information was publicly available.
 
I identified a handful of firms whose financials indicated that they were doing well, improving year over year, and not sliding in the financial rankings.
 
A commitment to diversity was also a priority for the partner and her team. Many firms pay lip service to diversity initiatives, but often it is just that, lip service. We were looking for firms that had meaningful programs in place to fulfill this commitment. In researching firms, I started by looking at which firms won awards for diversity, including those from the American Bar Association, Chambers and Partners, the Diversity Law Institute, Women in Law Empowerment Forum, Human Rights Campaign, Law 360, etc. I also researched diversity initiatives within firms and whether women held leadership positions within the firms. For some firms it was difficult to determine which partners sat on the board of directors or held top positions. Other firms were more transparent about firm leadership, including the one where I placed the group.
 
The partner also wanted to go to a firm that was well known in her practice area. I researched firms that were Tier 1 in her practice, which narrowed the list to about a dozen firms. The firm she picked is known as a powerhouse in her practice area. We only submitted the group to this firm and kept the others in reserve in case it did not work out. Fortunately, the firm was immediately interested in the team. They were aware of their reputation and had considered approaching them in the past. They also shared a couple of major clients, so they hoped that would help them win more work in the future.
 
Things moved quickly once I introduced the partners to the firm. First the partners had to complete a lateral partner questionnaire, which included collections for the past three years. We also did a preliminary conflict check to make sure there were no major hurdles that would stand in the way of the group joining the firm. After a few interviews with top decisionmakers in the practice group, office, and nationwide, the firm made the group an outstanding offer, including a bonus that would make them whole for any money they would leave behind at the old firm. The group was excited and started with the firm only a week later. The entire process from start to finish took two months.
 
A couple of take-aways from this case study: 1) Partners realize the importance of the financial health of prospective firms and are less concerned with the actual Am Law rank of the firm; 2) a commitment to diversity is important in deciding which firm to join; 3) senior attorneys need to establish a book of business and continue to develop it - a book of business is essential to making a move as an experienced attorney; 4) firms move quickly to hire partners with strong books of business.
 
This search demonstrates that firms will move quickly to hire superstar partners and the group of attorneys who support them, especially if there are strong synergies in their practices.

About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.


About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.
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