Regional Law Firms
The pace of change within the large regional law firms has been dramatic over the past 5 years.
Whilst the headline deals will remain the preserve of the larger City players, a number of large regional firms are actively marketing their ability to deliver a City-style service and many corporates and banks are turning to the regional firms as a way of containing their legal spend.
The main regional firms are now concentrating on sector specialisation, increasing profitability and sustained, if not dramatic, growth.
Types of Regional Firms
There is huge diversity in the regional practices ranging from the large national firms with established international connections, City firms with additional offices outside London, single site commercial firms that are well-established in their markets and more general practices.
Demand for Partners within Regional Firms
The larger regional firms are in growth mode and as such are often opportunistic in the hiring of lateral partners in complementary practice areas.
The most active areas where regional firms are looking to make lateral partner hires are:
- Commercial property
- Corporate/Commercial
- Private client
- Litigation
- Employment
- IP/IT
Followings Required by Regional Firms
The majority of law firms looking to recruit a lateral equity partner will expect the new hire to bring clients with them, as the development of client loyalty is seen as a standing testament to an individual's marketing and legal capabilities.
Everybody appreciates that followings are not an exact science and the amount of any required following will depend upon the firm, its profitability, the anticipated remuneration package for the role and how ‘difficult' it will be to make the hire. As a very rough, guide an individual may be expected to introduce a following valued at three times their expected remuneration.
Many of the long-established regional firms also have to address succession issues and these opportunities can give rise to partnership roles without the need for a dedicated client following.