While lawyers may have once joined a law firm as associates and stayed there until the day they retired, that’s no longer the case, and rainmakers are no exception.
According to a recent report by Major Lindsey & Africa, rainmakers at weaker law firms are making their way to stronger and more profitable firms, a trend that experts say is being triggered by more than simply money.
Attorneys who have substantial books of business are increasingly choosing to jump ship for law firms that are on more stable financial footing, the report says, as the legal industry faces an uncertain future and the divide between the most profitable law firms and the rest of the industry grows.
“Partners who were formerly hesitant to do so out of a sense of loyalty to their original firm can no longer justify staying put solely out of a sense of obligation, especially with such significant amounts of compensation and capital at stake. The risk is simply too high,” said the MLA report, titled BigLaw2017: A Look Ahead.