Lateral Link

👀 Read our exclusive analysis on General Counsel compensation in Fortune 500 Companies: 'New numbers reveal the average base salary for General Counsels at Fortune 500 companies to be $583,250.' Visit our website to read the full article and gain a comprehensive understanding of executive pay, including key trends, gender disparities, and regional differences. https://lnkd.in/gX9Bw7m7 #LateralLink #GeneralCounsel #Fortune500 #LegalInsights

The Am Law vetting process for lateral partners is 25% longer than before. Law firms are delving into the prospective lateral partners' portable book of business and clients and requiring them to meet more law firm partners during the interview process. At Lateral Link, we have been monitoring these changes and have spent much time working closely with our Am Law clients to understand their strategic lateral partner needs and the unique opportunity for prospective lateral partners. In particular, we work with our trusted clients to understand the firm's partner compensation, origination credit systems, and lateral partner integration plan and share the information with lateral partner candidates. For our partner candidates, we help them navigate the different lateral partner landscapes by sharing information about the firm that we have gathered from multiple law firm meetings and placements, prepping them for every interview, and working closely with them on the lateral partner questionnaire and business plans. - Gloria Sandrino, Managing Principal at Lateral Link

Our recruiters Zain Atassi, Jesse P. Hyde, and Anna Szymczak were thrilled to share insightful perspectives on the latest trends in the Chicago legal market this February at CALPA! The presentation covered updates on hiring and compensation, emerging practice areas, recent firm mergers, essential recruiting tips, advancements in AI within law firms, and our commitment to enhancing Diversity, Equity, and Inclusion efforts. Thank you to everyone who joined us for this informative session! #LateralLink #LegalRecruitment #ChicagoLaw #DEI #AIinLawFirms

In the fast-paced world of Big Law, there's a prestigious club that everyone is eyeing—the Global Elite. A tight-knit group of legal powerhouses set to rule the industry with unparalleled might. It's reminiscent of The Hunger Games: firms racing to surpass revenue targets, expand their reach, and outshine rivals. Not to mention the intense battle for lateral talent! It's a high-stakes game where only the elite survive—a thrilling tale of ambition, strategy, and the relentless pursuit of legal supremacy. Now, think of the contenders: firms like Kirkland, Latham, and Skadden are leading the charge, with others hot on their heels. These giants are setting the bar high with billion-dollar revenues, eye-watering profits, and global footprints that leave others in awe. Approximately 20 firms are considered elite, with PEP exceeding $4.5 million, including Paul Weiss, Simpson Thacher, Sullivan & Cromwell, Davis Polk, and Weil Gotshal. Latham currently stands as the only firm operating in at least 15 countries, with revenues surpassing $3 billion and PEP at $4.5 million. Other firms like Kirkland, Skadden, Sidley, Gibson, and Ropes are close to fulfilling these criteria. Let the games begin...or continue! https://lnkd.in/gYgzd4eM

At Lateral Link, Nick Pappas emphasizes the importance of understanding your true compensation by calculating your Return on Time Invested (ROTI). For instance, a $250,000 salary with high billable hours might yield $79.40/hour when considering ROTI, while a $190,000 salary with fewer billable hours can yield $70.40/hour. Non-billable hours significantly impact your actual earnings. To strategize ways to improve your ROTI, contact Nick Pappas at npappas@laterallink.com. #LateralLink #LegalRecruiting #LegalCompensation

I'm seeking litigation associates with #productsliability experience for an elite team in Atlanta. If you or someone you know fits the bill, I would love to hear from you. Lateral Link #law #legalprofession #hiring #biglaw

Check out our job of the week in David Lat's latest edition of Judicial Notice (Original Jurisdiction) from Lateral Link Senior Director, Tori Keith. Job of the Week: Thriving AmLaw 200 firm seeks Private Wealth Partner in Florida The client is a dynamic and rapidly rising AmLaw 200 firm with top rankings for its trusts and estates practice, among others. You will enjoy a friendly culture and full resources to support your practice and advancement, including flexible billing rates and strong support staff. Partners are compensated for collaboration and leadership contributions above billing metrics. Relocation candidates are welcome with a Florida Bar license. For more information or to apply, please contact tkeith@laterallink.com.

Now #hiring a new Corporate Attorney in Chicago, Illinois. Apply today or share this post with your network. #LateralLink #legalrecruiting #Chicago

We're halfway through 2024. I've looked at the lateral hiring numbers in California and identified a few trends. Hiring for the major practice groups has remained fairly steady for the past 6 quarters. Corporate, IP, and Real Estate have remained consistent over the past 6 quarters with little variance. The variance can likely be attributed to the seasonality of the work in those practice groups rather than the increase or decrease in demand for those services. L&E has increased steadily over the past 6 quarters. There's been a nearly 50% increase in hires from January 2024 to June 2024 compared to the same period in 2023. Litigation has seen the biggest swings in the past 6 quarters. The second half of 2023 saw a 36% increase in hires compared to the first half of 2023. Litigation groups' hiring dropped significantly in the first half of 2024, compared to the second half of 2023, but increased by roughly 9% compared to the first half of 2023. I expect firms to have significant pent-up demand for litigators during the remainder of the year. Looking at the last 6 quarters, all the major practice groups increased their hiring in Q3 and Q4. Real Estate was the exception, as its hiring decreased slightly in Q3-4. So if you're considering moving, now is the time to start your search. Many lawyers want to wait to start their searches in the fall. But by then, there are many more lawyers in the mix and searches are much more competitive. Reach out to me via DM or email (npappas@laterallink.com) to get the ball rolling. Data provided by Leopard Solutions #lawyers #lawfirms #careers

Thank you for sharing your insights on this article, Susan G. Agopian, our Principal at Lateral Link. Your observations about the significant increase in billing rates at elite law firms are indeed thought-provoking. It's clear that these developments could have far-reaching implications for both clients and the legal industry as a whole. Building on your points, it would be interesting to further explore how these rate hikes might impact client relationships and the overall accessibility of legal services. Additionally, considering the intensifying competition for top legal talent, I believe that firms will need to find innovative ways to balance profitability with client satisfaction.