Opportunities exist within two specific categories:
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. It will often depend upon the specific clients you have and if these have any conflicts within a particular law firm. Size of following needed will vary with each firm.
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 this current market will often require reasonably healthy client followings).