BigLaw partner lateral moves involve extensive due diligence on portable business, client relationship verification, and detailed compensation negotiations. The process typically takes 3-6 months and requires careful timing around non-competes and client notifications.
Employment law partners typically need $1-3M in portable business for lateral moves, though demand varies by market and specialty. PAGA expertise and wage-hour class action experience can reduce these thresholds significantly.
Non-equity partner compensation disputes often signal deeper firm culture issues that rarely improve. A lateral move to a growing market like Charlotte can provide both financial upside and career reset opportunities.
The ideal timing for lateral moves depends on practice area and market dynamics, but generally falls into two windows: January-March for post-bonus moves with strong Q1 budgets, and August-October for year-end hiring pushes.
Labor and employment partners typically need $1-3M in portable business for lateral moves, though requirements vary significantly by market and firm tier. Strong client relationships and specialized expertise can sometimes offset lower book numbers.
Law firm partners typically split profits through compensation systems based on originations, billable hours, and firm contributions. Most firms use either lockstep, eat-what-you-kill, or hybrid models that balance individual performance with collaborative firm building.
Law firm partnership offers significant financial rewards through equity participation and profit sharing, plus professional autonomy, business development opportunities, and long-term wealth building potential. However, partners also assume substantial business risks and client responsibility.
Equity partnership means owning a stake in the firm with voting rights and profit-sharing, while non-equity partners receive salary/bonus without ownership. Equity partners typically earn significantly more but face greater financial risk and responsibility.
Entertainment law partners in NYC and LA typically earn $400K-$1.2M+ depending on firm tier, portable business, and specialization. Both markets offer strong opportunities with LA having slight edge for film/TV work.
Partner billable hours vary significantly by firm type and market, with Am Law 100 partners typically billing 2,000-2,400 hours annually. However, partners focus more on business development and client management than pure hour generation.
Non-equity partners receive fixed compensation and limited firm governance, while equity partners share in firm profits and have ownership stakes. The choice depends on your book of business, risk tolerance, and long-term career goals.
Before accepting a lateral partner opportunity, thoroughly investigate the partnership track timeline, portable book requirements, compensation structure, and firm culture. Focus on understanding both the written policies and unwritten expectations that will determine your success.
Partnership timelines typically range from 7-12 years depending on firm size, practice area, and market dynamics. Am Law 100 firms average 8-9 years, while mid-market firms often promote faster at 6-8 years.
Partners benefit significantly from working with specialized legal recruiters who can navigate confidential opportunities, provide market intelligence, and manage complex negotiations. The current lateral market strongly favors candidates with portable business, making recruiter expertise particularly valuable.
Lateral partner placement fees are typically paid entirely by the hiring firm, not the candidate. These fees usually range from 25-33% of first-year compensation and don't directly reduce your package, though they may influence firm negotiations.