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Emma Chisholm
Private Practice team
Manchester office
Equity Partners
Historically partnership was for life and partners very rarely moved. However, over the past 15 years this has changed dramatically. Partnerships are now run more as commercial entities and individuals now look at what is best for them rather than what is best for their firm. Today, the equity partner market is extremely active.
Opportunistic
This market always exists regardless of the economic climate. The majority of law firms are always open to talking to partners who have sizeable followings, which will result in increasing the profits per partner within the law firm. This market is completely dependent on individuals having followings that can be verified.
Strategic
This market is almost entirely dependent on the economic climate.
Today we are seeing signs of this market improving for the first time in 3-4 years. In general there are a number of reasons for strategic hires, among them are:
- replacing departing partners or those due to retire;
- as a result of the firm wishing to expand a specific practice area;
- in order to satisfy the needs of existing clients.
Unlike the opportunistic hires, substantial followings are not always required (although strategic hires within US firms will nearly always require healthy followings).
