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Lateral partner moves between firms are common and becoming more common each year. Many firms have become more proactive (aggressive) pursuing and recruiting lateral partner talent.
I am a retired partner who held a leadership role and during my tenure I personally recruited many partners to our firm.
There are many factors to consider if evaluating a switch of firms as a partner. Compensation is just one of many factors and not always the best move to chase the initial money.
If youd like to have a sounding board who is independent and objective, send me a DM and we can discuss some specifics privately and confidentially. Happy to even connect by phone if helpful. If my experiences and insights can be helpful, happy to share.
Wishing you the best of success whatever path you choose.
P4
Firms are not likely to negotiate basic non-compete language. Most firms will negotiate the covenant fee to solicit clients and take them with you to a new firm. Firms are far less likely to negotiate the covenant fee for soliciting people.
I always helped the transitioning partner with these discussions and in many cases I led the negotiation with the former firm. Firms appreciate above board and up front transparency on such matters. Nobody like uncertainty regarding clients when a partner moves firms.
Have made two lateral moves..not B4…mid-tier nationals. Definitely more common. Sadly there isn’t really any reward for longevity any more. Don’t move strictly for compensation, but it is a factor. Since you likely won’t be taking clients with you, understand BD expectations and/or whether you will be stepping into a book…which isn’t always as it appears. Also, make sure you understand your non-compete. DM me if you wanted to chat.
Made a lateral move between National firms. New firm has young(er) leadership and the old firm became too focused on short term profit and lacked investment to what I believe will be the detriment of younger partners (like me). Plus my comp went up 80% with the switch. All in all, a good move.
I switched recently. It is always hard to start but if the firm is focused on you then it is the right move. I am seeing the younger partners do not want to be constrained to one firm so the old pension focus is becoming obsolete. Deloitte eliminated theirs 10 years ago and some of the middle market focus firms like BDO, Grant and many others are trying to figure out the best structure.
Did you switch from a big 4? Trying to understand enforceability of the non compete language.