With the year well under way we have lots to report on this month.
Starting with some interesting statistics on moving to London and partner hires.
Then, some exciting news about our newly launched locum service.
This month: Statistics on moving to London and partner hires.
Firstly then a recent article highlighted lateral partner hires amongst all law firms. Things that really jumped out to me were that the most successful partner hires were into firms who have a single tier partnership structure. Stability, equality and perceived fairness are all important factors here.
Also interesting to note is that on average lateral partners bring 22% of their books of business with them. A real reminder that clients are free to come and go in a world where anyone can be found online. You cannot make anyone move with you, nor can you stop them moving! The reasons for moving were many and varied, however most common were finding a more attractive position at another law firm/ overall a better opportunity – stated by 23% of partner moves; then being unhappy with the firms culture at 15%; unhappy with the firms leadership at 14%; with another 14% being unhappy with their current compensation. All valid reasons to move and all factors that can often be resolved by finding a better fit of firm. Secondly, we did some analysis (based on Pirical data) on moves in and out of London in the East Anglia region to see what the real pull to London is and whether it actually lasts.
Overall since January 2018 there is a remarkably small net movement of 4.38% into London. That is to say that of the total number of people moving in and out 4.38% moved and stayed in London. Which is interesting as it shows that whilst there is a large turn over of people moving in and out, especially from Cambridge, overall the legal world remains quite stable in terms of numbers in the regions and in London.
Our New Locum Service
Lastly, our new locum service is now up and running. With a specially commissioned online platform, you can record your hours and get paid simply and easily every week or month depending on the assignment. So if you are a locum, or you are thinking about becoming one, then do get in touch to see how we can help you. We can let you know about locum opportunities that we are working on and promote you to our clients to help them fulfil their temporary needs.
If you know that your team has a need for a locum coming up in future then equally let us know so that we can support you and the team through the period of cover.
If you are looking for a partner move, moving the geographical location of your role, looking for a locum or have any other career question then do get in touch!
Feel free to fix a time in my diary to talk.
