Current Market Conditions
The risk of a two-year recession has recently been highlighted by the Bank of England, but generally law firms are always interested to hear from Partner level candidates no matter what the economic conditions. In fact, some top 100 law firms did very well out of the 2008 / 2009 recession and their entrepreneurial approach during this time has stood them in great stead going forwards. Hiring a senior individual, especially if the person is well-known in the local market, is always a matter of bragging rights and can be seen as testimony to that firm’s health, reputation, the belief that the firm is ‘going places’ and a good firm to want to be a part of. At the same time, hiring a senior level individual is of course generally a pretty expensive thing to do and over the last ten or so years we have certainly seen firms start to think far more carefully about the justifications and the ‘need’, the costs, whether they will get a return on the investment etc. In the past firms would take the opportunity to hire someone senior and exciting and figure out what to do with them later... not anymore.
Now nearing the end of 2022, the Partner recruitment market has been steadily busy, not just in Bristol where we often see ‘big Partner’ moves with well-known individuals wanting to swap big firm A for perhaps big firm B or C, but moves in a number of other locations across South Wales and the wider South West.
There remains an appetite to be ‘opportunistic’ for the right individual, with the right practice area skills and experience. Real Estate, Corporate and Commercial, specialist areas of Litigation practice, but particularly specialist areas generally such as Corporate Tax, Pensions or Financial Services or an area like Energy or Agriculture for example are all areas where we know a good individual will certainly generate interest.
The Fundamentals
It is important to bear in mind if you are a Partner, perhaps thinking about a move for greener grass somewhere new, you won’t necessarily see the new opportunity you are looking for being openly advertised. Actually, law firms rarely advertise and look to recruit ‘out in the open’ for a senior/Partner level hire. They network far more quietly and will use an agency like Chadwick Nott to potentially introduce people and make a connection. So, Partner level work often involves being pro-active, and open-minded, at an early stage. We look to facilitate discussions, and it can sometimes involve plenty of coffee and exploratory chats, but it is all done sensitively and confidentially and a conversation that doesn’t move forward today... well no harm done, and you never know in the future.
The key things that will always crop up will be the same sorts of things that you could have been asked at any stage in your career - why you’re potentially looking to make a move, the work you do and the clients you act for, what you know about the firm and why you’re interested in them, and how expensive you’re going to be. The crucial question is often what you can offer that will help make the maths add up... yes, the dreaded question about your following!
A following is a difficult part of the conversation, because at best it is making predictions with fingers crossed, at worst it is a question that is impossible to answer. Although there can be circumstances where no following is required (usually linked to either the reasons a firm is trying to recruit in the first place or sometimes linked to practice area), but even in these sorts of circumstances you may well find you’re asked the question anyway, so it makes sense to be prepared. Some of the firms already have in place minimum requirements when it comes to a Partner following and therefore whether a conversation will have any legs at all. So, you need to have thought carefully about your clients, the regular clients especially, the clients that routinely generate work and therefore fees for you. How long have you acted for them, and how loyal are they? Do they also use others? What fees do they produce in a normal year (if there is ever such a thing)? And is the loyalty, if push comes to shove, with you or is it really with your current firm? Would they potentially stop using firm A to be able to carry on working with you personally at firm B or C? Of course, you won’t ever know for sure until after you have made a decision, but you can make an educated guess.
Why?
The reasons and motivations for a firm move vary at whatever level, but at the senior level there are some common themes. It is sometimes flight from a deteriorating situation at the current firm, whether that is the current firm struggling or just what feels like a lack of ambition and progress, or just a change of strategy / direction that has an impact on your practice. It might be the choice of a merger partner for the firm that significantly changes the firm’s approach or priorities, or it might be something as simple as earning more money. It is often a personal aim to keep progressing and a sense there is a better platform out there for you, perhaps working with a new range of clients or working alongside new Partner colleagues you have long-admired. Sometimes it’s a local firm who are clearly doing incredibly well and you know you want to be a part of it, and sometimes it’s just time for something new.
Key Things to Think About
You need to think about what you are worth to another firm, and your clients are certainly a part of that as explained above. It can also be your reputation with your practice area or your reputation locally or it could be that you’ve developed a specialist skillset that is in demand elsewhere.
In addition, what sort of role do you want at a new firm? Do you want to be left alone to get on with the job of being a ‘lawyer’ and the work for the clients you love, or are you keen to get involved in the running and the strategy of the new firm, leading a new team, bringing new people through or onboard?
You will need to have a look at your current covenants and what restrictions they may place on you if you do leave to join another firm. You may well have a 6 months’ notice period or have restrictions on which dates you can give notice, so you need to factor that in when you are starting to dream of the new opportunity and perhaps a quick pain-free resignation and a ‘leaving do’ next Friday... it doesn’t work like that very often.
Finally, and most importantly, have a long, hard think about why you’re contemplating a move? What is it about your current role and your current firm that you’re keen to leave behind? How fundamental are the problems, and could they actually be easily solved with some sensible conversations? Do you really, genuinely want to leave? We do act for many Partner level candidates who come to the firm conclusion they are sure they want to move and they secure a fantastic role with new challenges and responsibilities at a new firm, and never look back. Sometimes, perhaps a lot of the time, there really are better options out there if you look.
How we help
If you think you might like to better understand your options and opportunities, the best advice is talk firstly to a discrete, professional and well-connected agency like Chadwick Nott. We have been working in the South West market for a long time so we know the people that matter and they know us. We can explain the process and the potential timeframes, we can stress-test your thinking for you if you need us to, we can help you put together a CV and business case information, and we can suggest ideas and perhaps conversations to have. We can then make those initial enquiries for you, all with the necessary emphasis around confidentiality.
We are bound to be involved, behind the scenes, in plenty more senior level moves across the South West market during 2023 and some might make headline news while others will just be the right move and the perfect new challenge and opportunity for the person involved - the career-defining chapter in their career they haven’t had yet!
If would like more information on Partner opportunities and you would like a no-obligation discussion, please do get in touch... with over 17 years’ experience in legal recruitment I am very happy to have a chat about your possible options.
If we can assist you and you might appreciate a no obligations discussion, please get in touch with one of your dedicated consultants.
