Looking specifically at partner recruitment, the report found that over the last 12 months, the “partner market” has been just as active as the year prior, with firms demonstrating a large appetite for lateral partner candidates with transportable practices. 

However the report suggested senior lawyers looking for a promotion to the partnership within their own firm aren’t as lucky. It found that “senior lawyers on the partner track are finding it harder than ever to secure a partner promotion within their current firm, owing to the desire to protect profits”.

“To be successful, law firms must manage costs, stick to strategy and deliver profit to equity holders,” the report said.

“Just like any other business, law firms need to watch the P&L. With that in mind, partner candidates, including those aspiring to make partnerships, need to present either a gap filling expertise or a revenue accretive business plan.

“At this level, the successful candidates know what they offer and have a high degree of certainty when it comes to client following, and therefore valuation of their practice.”

The report found opportunities arising for a lateral candidate which are gap-filling in nature have been a rarity over the last 12 months.

“When a position becomes vacant, in the case of a partner retirement or departure, normally someone from within the existing firm is ready to step up into the role,” the report said.

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“In these cases, firms don’t often look to lateral candidates to fill the vacancy. 

“The clear majority of partner moves take place because the partner (and team possibly) enjoys a stronger degree of client loyalty than the firm does, and the work follows.”