The American Lawyer released its annual New Partners Survey, which included responses from 400 lawyers promoted to firm partnerships in 2015, 2016 or 2017. The report revealed that an overwhelming 88 percent of new partners said their firms adequately prepared them for partnership. Almost 80 percent of new partners who answered the survey said their business development efforts increased, along with their compensation and information they received regarding their firm’s finances.

The ALM survey this year also found that two-thirds of new partners were elevated into non-equity or income partner roles. About 40 percent had spent seven, eight or nine years as associates at the firm where they made partner, and more than half had never changed firms. No single practice area dominated in partner promotions, though litigation represented almost a quarter of the survey pool.

See highlights of the full report and article on The American Lawyer.

Contact Bill Sugarman for more information.

When is the best time for partners to make a lateral move? According to a report released by ALM Intelligence, the most important factors in making a successful lateral move include time of year, stage in a partner’s career, and whether the move is to a firm with a higher or lower PPP.

ALM Intelligence journalist, Hugh Simons, notes “fall seems to be the time of year to start exploring seriously so that you can move early in the new year.” According to the report, early in the year moves are more common and more successful with 35 percent of moves occurring in the first quarter compared to 15 percent in the fourth quarter.

A second aspect of timing is the stage of career at which a partner decides to move. Data from the report revealed lateral success rate is highest for movers in their 50s. The last factor affecting lateral success included whether the move was to a firm with a higher or lower PPP. The data revealed that retention was higher for moves made to higher PPP firms.

“The key takeaway for law firm leaders is more fundamental than the dynamics of lateral partner moves. Rather it is to observe that PPP is not just a reflection of performance; it is also, and more importantly, a critical determinant of competitive strength. Ultimately, as the best lawyers go, the best clients follow – competition for the strongest partners is competition for the great clients that underlie a firm’s long-term strength and vitality,” Hugh Simons notes.

See the full report and article on The American Lawyer.

Contact Bill Sugarman for more information.

Law.com reported that only 34% of lawyers in large firms today are women. That statistic has faced less than a 1% increase over the last five years, according to ALM’s Female Scorecard. Senior ALM Analyst, Nicholas Bruch, reported that only 18% of equity partners and a shocking 8% of lawyers making over half-a-million dollars are women. In a goal to meet gender parity, large firms are making slow progress–but not all hope is lost.

Despite the slow moving figures, there is supporting data implying that Big Law will reach the goal of gender parity, eventually. According to Law.com, ALM reported recent figures that women account for 47% of law school graduates. This figure is generally in line with the climbing 45% of entry-level associates at large firms that are women. The increasing numbers prove that Big Law’s strategies to hire more women are effective at this phase. Attacking the issue at entry-level is key for large firms to fix the problem from occurring further down the road.

ALM conducted a Women in Leadership Survey which revealed that one in four members on key governing committees are women. This indicates that firm leaders are making a noticeable effort to place female partners in top leadership roles. The 18% of females in equity roles to choose from seems to be what is slowing down efforts.

Firms are making significant efforts to hire females at the entry-level and at the most senior level, but the focus should be to retain women in Big Law and transition female associates into partners. Firms should target two critical pieces: supporting female career progression and developing a plan to gather data on why females are leaving the firm or the industry. According to ALM Intelligence, women don’t necessarily leave the legal industry at a specific milestone in their lives or careers. So, the assumption that women are leaving the law after having a child or during key partner promotion years is largely false. Data reveals that women are leaving the law at a slow and consistent rate–an indicator that law firms must creatively solve the issue of female retention.

Law.com suggests that a single, clear and obvious solution is not likely to be found. Leaders in large firms should take a broader approach and focus on developing an assortment of strategies to retain and promote female lawyers. Some firms have started implementing mentorship and coaching programs to target women in crucial transition years. Even though the results of such programs have yet to surface, the efforts to retain females in Big Law are undeniably progressing.

For more information, contact Bill Sugarman.