Partner-Level Transitions: What Law Firms Look for and How to Stand Out

 
From time to time, law firms will have partner-level jobs that do not require business, but these are rare. They occur, but they are most often for firms with institutional clients needing services.  

Partner-level attorneys with or without business are marketable. Still, the value proposition for law firms and the risk is much less for attorneys with business than those without it.

Transitioning to a new law firm as a partner is a distinct and complex process compared to the associate-level job search. Instead of filling a specific opening, partners effectively make a business proposition to law firms, showcasing how they can contribute to the firm's profitability and strategic goals.

This article explores the dynamics of partner-level hiring, strategies for partners with and without portable business, and everyday challenges.

In most instances, regardless of whether you have business, you can find a position by understanding the game below. I’ve outlined the strategies I use when placing partners. If you are interested in being represented by me in a search, you can always submit your details to be here: https://www.bcgsearch.com/resume_submit.php

 

1. The Unique Nature of Partner Hiring

Most law firms do not post specific openings for partners. The hiring process centers on whether the partner can add value to the firm’s business model. Unlike associates, partners are viewed as potential business assets. Law firms provide partners with offices, staff, branding, and other support—at a cost to the partner for a percentage of their collections. For partners without business, law firms provide partners with work and a platform to generate business.
 

2. Partners with Portable Business

The most common path for partners seeking new opportunities is to bring portable business to a firm. This business typically ranges from $250,000 to over $3,000,000, depending on the size and type of firm.

Attorneys with business are the lifeblood of all law firms—they allow for more profits per partner, supporting overhead, cross-selling, and all sorts of things. Accordingly, all law firms are likely to be interested in partners with business. You simply do not need to see a job opening to be marketable. Essentially, if you have business, you are marketable somewhere.

The benefit of being a partner with business is that the law firm effectively works for you—and not vice versa. Shopping for a platform to support your business is a much better proposition than the other way around (shopping for an employer to give you a paycheck).

When evaluating a partner, law firms consider several factors:

Revenue Generation: Firms want to know how much portable business a partner has. When I represent partners, this is often the only question the firms ask prior to interviewing the candidate—and then the candidate’s average billing rate if it is a larger firm. If a lateral partner has enough business to be self-supporting, there will almost always be interest in them somewhere in the market.

Once the law firm starts interviewing the candidate, firms will review a partner’s last three years of business generation to assess consistency. Law firms also like to see a pattern of business increasing.

In terms of some general rules of attorneys and portable business:

• More junior partners do not need as much business as more senior partners; however, law firms most often want to see an increasing book of business over time and the potential to generate more.
• More senior partners will typically need more business and a history of business generation.
• Larger law firms will require more business than smaller ones.
• Law firms in major geographic areas typically require more business than those in smaller geographic areas.
• ​The higher the draw a partner requires, the more business they need.

 

Potential to Get or Grow Business at a New Firm

Partner-level attorneys move firms for a variety of reasons. They may move to a more prominent firm with a better brand or more diverse practice, or they may move firms to go to a firm where they are not conflicted out of matters, or the billing rates are lower to make it easier for them to hold on to existing clients and provide them more value.

Most law firms hiring partner-level attorneys will want to find out how the attorney's story of moving to a new firm will result in them growing their client base or generating new clients.

• A Partner at a Smaller Firm Wanting to Move to a Larger One. Many partners move between firms because their existing firm cannot support their clients. The firm they are at may underpay associates, leading to too much attrition and making it difficult for them to sustain their practice. The law firm may be limited by its other partners in terms of the type of work it can do. For example, a corporate attorney may have litigation or IP work that the client needs and not want to refer this work out to other firms, risking losing the client. A more prominent firm may also provide a better brand, making it easier for the attorney to bring in larger clients.
   
• ​A Partner at a Larger Law Firm Wanting to Move to a Smaller One. Partners at larger law firms will often want to move to smaller ones. One of the more common scenarios is income partners at large law firms that may have some business but are running into massive issues growing their practices due to the law firm's extremely high billing rates or requirements of bringing in large institutional clients. For example, a litigator may only be able to bring in clients that are all but guaranteed to generate $500,000 in work, and a corporate attorney may be unable to develop and service smaller clients that could eventually lead to more practice. Partners at larger firms may also move to smaller firms because their compensation is repeatedly cut due to insufficient business, and they are told they will never become an equity partner or are being pushed out.
   
• Billing Rates: Firms will examine historical billing rates. Partners with lower billing rates or cost-sensitive clients may struggle to match with firms that prioritize high-revenue clients. Conversely, partners with high billing rates must ensure they join firms where clients are willing to continue paying these rates. Law firms may have floors they will not go below if an attorney tries to bring over different types of clients.
   
• The Attorney’s Brand. Different law firms have different profiles of their partners. Partners' brands are determined by the schools they attended, how well they did there, previous firms they have been at, how long they were at different firms, and their reputation in their practice area and the legal community. Law firms treat brand issues differently, but partners can generally get an idea of the sorts of attorneys the law firm employs within a few minutes on the law firm's website. While brand is important, it is nowhere near as important as how much business the attorney has and their willingness to share the fees they generate with the firm.
   
• Client Relationships: Firms want to ensure that partners bring clients who are likely to transition smoothly and remain loyal after the move. It is common for partners looking for new firms to represent that clients will move with them. Still, law firms with experience hiring laterally have often been burned and become increasingly cautious over time. The length of these relationships and the amount of collections from individual clients give law firms more security when hiring laterally.
   
• Potential Conflicts. Law firms do not want to hire attorneys where there are conflicts with their existing clients. Law firms will always review the attorneys' clients after the first or second interview for conflicts with their existing clients.
   
• Compensation Expectations: Law firms allocate collections based on the "rule of thirds": one-third to the partner, one-third to overhead, and one-third to other partners. A partner's compensation must generally align with this structure, but many exceptions exist. Fully remote law firms will often give partners as much as 85% of their collections but will not provide any support beyond billing and a website for their eat-what-you-kill partners. Larger firms will often pay the attorney less than 33%. Middle-market firms may pay as much as 50%. Each firm follows different business models.
  
  For example, a recent attorney I placed with $ 30 million in business earned a guaranteed base of $7,000,000 a year and ended up in a major city. An attorney with $700,000 in business in a mountain state received a variety of offers between $300,000 and $450,000.
  
  This can often be a sticking point because most lateral partners want some guaranteed compensation when looking for new positions. In general, when law firms are taking a risk that the partner may not generate enough business, they will be cautious when doing lateral hiring and try to keep the compensation as low as possible. Many law firms compensate lateral partners just a percentage of their collections and nothing more.
   
• Cultural and Work-Style Fit. Law firm partnerships operate in different ways. The compensation models, the relationships between partners, and the ways clients are represented are different. Law firms hiring lateral partners will place a distinct emphasis on each. 
  
  In my experience working with partners, I have found that the culture of the firm and how the attorney feels they will fit in with it is often just as important as compensation considerations. The attorney wants to feel accepted like they will be managed (or not managed) to a degree they are comfortable with and that they will have a level of independence (or dependence) that they are comfortable with. Different law firms want different levels of control over their partners.

 

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See Related Articles:

• Should a Law Firm Associate Move from a Large Law Firm to a Smaller Law Firm to Increase Their Odds of Making Partner?
• Can You Transition Back to a Larger Law Firm if You Go to a Smaller Law Firm?
• Biglaw Firm: What Is It and Is It Worth It?

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Search Strategies for Partners with Business

 

• Being Proactive in Reviewing and Applying to Firms and Not Jobs. Unlike associates, most law firms do not set aside the resumes of partners when they have no openings and, instead, will review them carefully because it is more of a business proposition than a request for a job. Because each firm is different—in terms of its culture, its compensation model, the work it has available to give the partner, support available—and much more, it is in the best interest of most partners to approach firms that may be good fits.
  
  Essentially, every partner is looking for a new home and trying to find the platform where they are most likely to have the most success. This is individual to each partner, and it is often impossible to understand until they have met with the law firm and heard what they offer.
  
  Unlike the typical associate hire, if a law firm believes they can make money off of you—now and in the future—they are likely to pursue you and be quite interested in you. Because there is so much interest in partners with portable business, it is not uncommon for them to receive multiple offers.
   
• ​Do Not Involve Your Ego in the Search. Many lateral partners hesitate to apply to many law firms due to their ego. For example, they may not want to apply to a law firm under the mistaken belief that doing so will make them look weak in the legal community or get their name out there too much. This is a mistake.
  
  If you are seeking a position as a partner and have a business, you are selling a business and its potential upside to law firms. This is no different if you were an investment banker soliciting interest in a company you were selling, arranging meetings, and trying to get offers.
  
  This is pure business and has nothing to do with your ego—only whether the law firm feels it has the best chance of making a good investment. Consequently, you may get offers or proposals that are vastly different—none of this is personal; it is just how it works.
   
• Understand What You Are Getting for What You Are Paying for. If you have business, the law firm will take a percentage of the revenue you are generating in return for providing you with a home. Your home consists of offices, the quality of offices, the brand, and the support and quality of support you are getting, cross-selling opportunities, the ability to get work from other partners if you need this, the strength and reputation of your firm’s practice group, the strength, and reputation of the firm's other practice groups if a branch office the strength of the branch office and the firm’s historic commitment to this and other branch offices.
  
  Law firms are businesses. You will pay for whatever they are providing you. As businesses, they are motivated to pay you as little as possible for what you receive in return.
   
• Consider Geographic Areas Where Your Services are More In-Demand. In many cases where your clients may be national, partners may be better served in smaller markets than in larger markets because there may be untapped opportunities in these markets because of not having enough attorneys with your depth of experience. I've placed countless partners from larger markets into smaller ones that did not have attorneys with as sophisticated experience as those in their existing markets. These placements happen regularly and across most transactional-related practice areas.
   
• Solo Practitioners Often Cannot Justify a Move. Attorneys transitioning from solo practice often find it challenging to justify lower incomes due to firm overhead and profit-sharing structures. An attorney generating $600,000 a year with their firm, who ends up keeping $500,000, may only receive $300,000 if they take their practice to a law firm. Many solo practitioners detest the administrative-related work involved with their firms and the limitations of needing to do everything independently, so they are willing to make these sorts of moves. However, in my experience, most solos are unhappier with law firms than on their own—unless a larger platform ultimately allows them to make more money with less stress.

 

3. Partners Without Portable Business

While having a portable book of business is desirable for both candidates and law firms, partners without business can always secure roles under specific circumstances.

I regularly place partner-level attorneys without business. This is different from if you do have business because you are seeking someone to work for, not for you. Therefore, your primary goal is to find someone willing to give you work.

As a primary matter, it is important to understand one of the most essential rules of practicing law: You always need work to do. As an attorney gets more senior, finding people to give them work becomes more difficult.

As you become more senior without business, getting others to give you work becomes more difficult. Partners with business typically make more money when they do partner-level work rather than giving it to others in the firm. If a client is paying someone to do partner-level work, they prefer to have the partner they have a relationship with do the work. Before hiring someone laterally to do partner-level work, most law firms will want to give this work to mid, to senior-level associates before hiring someone new.

Here are the conditions where partners without business are most likely to get hired:
 

• Firms Have Work for Institutional or larger clients that Cannot be Met by Other Senior Attorneys. If a law firm lacks a traditional associate-to-partner business model or lacks a bench to do all the work it has available for its institutional or other partners' clients, it will hire laterally. 
  
  For example, a law firm in a nonmajor market may have securities work that no one in the firm can do, or they may have an overabundance of work on a specific type of patent that their existing patent attorneys cannot service.
  
  Specific practice areas are also more amenable to this. For example, one of the most common types of work for partners without business is for ERISA partners, who are often institutional clients of the firm.
   
• ​Cross-Selling Opportunities or Untapped Work: Firms with untapped cross-selling potential may hire partners who can leverage existing client relationships within the firm. However, this is a risk for these firms, and this must have been a chronic problem the firm has had for some time. However, a partner without business may represent a reasonable risk for the firm if they feel that they can generate new business once the attorney is aboard.
   
• Pedigree-Boosting for the Firm. It is common for attorneys who are senior at major law firms and without business to get hired by smaller law firms seeking to boost their credibility in the eyes of existing clients or who believe they can use these pedigrees to develop new business. 
   
• Specialized Practice Areas: Partners in transactional practices such as corporate, real estate, or finance often find it easier to transition without business. Conversely, litigators typically face more difficulty unless they bring strong client relationships or unique expertise.
   
• Boutique Firms: Smaller, specialized firms are often more willing to hire partners without business, especially senior associates or income partners transitioning into partner roles. These firms often have an active pipeline of work in one practice area, allowing them to hire people who do work and do not require work.
   
• Smaller Markets: Firms in less competitive geographic areas may be more open to hiring partners with niche expertise but no book of business. Recently, I've placed attorneys like this in several midwestern states (Ohio, Indiana, Michigan) in firms with work available in securities and M&A. These same placements would be much harder to make in larger markets because associates would be available to do this work instead of hiring people at the partner level.

 

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See Related Articles:

• How Can a Partner Make a Lateral Move Without a Book of Business?
• FAQ for Senior Associates and Income Partners Without a Book of Business
• What to Do if You Are a Law Firm Partner Without Business

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Search Strategies for Partners Without Business

 

• Broad Searches Looking at Many Firms and Markets. Partner-level attorneys without business should not rely on just job openings. Instead, they need to find firms and partners inside firms with work. In most markets, several firms in your practice area could potentially have the work to give you—but you will not know until you investigate the firms in your practice area and solicit them. You should also be doing the same with markets—instead of looking at one market, look at several.
  
  Many partner-level attorneys I speak with about this strategy find it overwhelming because they believe it should not be so involved—but it most often is. This is because you need to find someone who can work for you, and you are unlikely to see this through job postings. When any company is marketing its services, it needs to contact many people to find buyers—they may send letters and emails, advertise in search engines, and all other things. While it may sound crude, this same approach needs to be tailored to your marketing yourself to find firms with the work to give you.
  
  I've used this strategy most of my career, and it works. In almost every instance when I placed a partner-level attorney without business, I did so by finding a firm that had work for them to do—not by relying on job openings.
   
• ​Avoid Sophisticated and Saturated Markets if Possible. Sophisticated markets like New York City, Chicago, Miami, and Los Angeles will likely have an overabundance of highly qualified senior attorneys. For one thing, large law firms throughout these markets are slowly pushing senior associates out each year, and these attorneys will be competing for a limited number of firms interested in hiring them with no business. This creates a situation where there is intense competition. Rather than hiring a senior attorney without business, most firms in saturated markets can pick mid-level associates who can do most of the work and are motivated to work hard.
  
  Partner-level attorneys without business can often do very well by looking at smaller markets where their skills are rare. Attorneys in large markets who are getting senior often believe their only choice is to go in-house, where business is not required, but they would do better looking at smaller markets.
   
• Find Strong Boutiques in Your Practice Area. Most cities have boutiques in different practice areas—nonprofit law, tax, environmental, or corporate. These boutiques quite often have work for senior-level attorneys without business, especially those without business. I generally place at least one partner-level attorney at a boutique each month. For example, over the past few months, I have put a partner-level attorney at an environmentally boutique in Chicago, one at a patent boutique in Fort Worth, and another at an antitrust boutique in Washington, DC. There are many boutiques nationwide, which should be a priority for any attorney without business.
   
• Apply to Senior Associate Roles. Law firms that work for senior associates may be interested in partner-level attorneys who do not have business. A senior associate position means they have work available billing out at partner-level rates. While this is an option for senior attorneys, in most instances, these firms will not be interested in hiring attorneys with more than 12 years of experience.
   
• Create a Compelling Business Plan. Attorneys without businesses often create a business plan on their own or after being asked to by a law firm. This plan typically details how they intend to build a book of business at a new firm. These business plans have strengths and weaknesses.
  
  Attorneys from large firms may have been limited in their ability to bring in clients by high billing rates or conflicts. They often make the case that with their existing contacts or work they have been conflicted out of, they will be able to develop business at a new firm.
  
  While business plans can be helpful, they are always suspect because most law firms will question why the attorney did not implement this particular plan at their existing firm.
  
  Attorneys can, however, create compelling narratives in the right situation. I recently worked with an income litigation partner at a major law firm that had discovered a niche for suing healthcare companies for billing code violations. His existing firm would not take this sort of plaintiff's work, so he was able to "pitch" this idea to several law firms successfully—and even had a litigation funding company ready to fund the litigation at a new firm.
  
  Most business plans, however, are not that compelling. A successful business plan must show that, if the attorneys were on a different platform, they could develop business at a new firm.
   
• Be Prepared for Massive Compensation Hits. Attorneys without business coming from large law firms who are offered positions at new firms are often shocked by how low the offered compensation is compared to what they are making. When you are offered a position not making as much money as you may be accustomed to, it is essential to remember that you are being provided a platform where you are being given work and have the opportunity to learn to develop business at your new firm. Many senior attorneys without business lose their jobs, and remaining employed is the name of the game.
   
• Be Mindful of the Risks of Journeyman Syndrome. Over the past several years, I have placed senior attorneys with 15+ years of experience and no business in practice areas, including project finance, capital markets, and international arbitration in major law firms with a lot of work. These attorneys had first-class pedigrees and experience at other major law firms. Most of these sorts of positions where someone is hired as a senior associate never last more than a few years—when the work slows down, these attorneys are generally shown the door. They are also in practice areas where it is tough to generate business. While remaining employed in a large firm is a good thing, it does not provide desirable employment stability. Once you become more senior, you will generally be better off trying to find somewhere you are likely to stay employed over time.

 

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See Related Articles:

• Crafting an Effective Partner Business Plan: Essential Elements for Success
• Your Career Is Your Business. So What's Your Business Plan?
• A Guide to Understanding When Practicing Attorneys Can and Cannot Relocate to Different Markets

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Conclusion

Navigating the job market as a law firm partner requires a deep understanding of the unique dynamics at play. Unlike associates, partners must position themselves as valuable business assets, presenting a clear value proposition to potential firms. Whether bringing a significant book of business or leveraging specialized expertise, the key lies in aligning your goals with a firm’s needs and capabilities.

For partners with portable business, the market is expansive, offering opportunities to find a platform that supports growth and profitability. On the other hand, partners without business must adopt a proactive and strategic approach, exploring boutique firms, smaller markets, or niches where their expertise is in demand.

Ultimately, success in the partner-level job search hinges on preparation, flexibility, and a willingness to engage in the nuanced process of selling your value to law firms. By understanding the expectations of law firms and presenting a compelling narrative, partners can secure roles that foster professional growth and long-term stability.

If you are interested in being represented in your search for a new position, I would love to speak with you after you submit your details here: https://www.bcgsearch.com/resume_submit.php
 

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About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.