Report finds partners increasingly less loyal to firms
Partners are increasingly less loyal to their law firms, according to a new study.
TGO Consulting says it is the first to conduct extensive research into law firm partner mobility over an extended period of time and looking at different aspects.
Its report, Mercenaries on the Move, focusses on Germany, which TGO believes could become the most important legal market in Europe after Brexit.
The top level findings of the study are:
- Partners are no longer loyal to their firm
- An unprecedented number of partners will switch firm in 2016
- M&A partners are the most mobile
- The foreign law firms are losing their lure
- Many M&A boutiques have been formed
Once being a lawyer was a ‘nobile officium’, these days there is a striking similarity between professional football and the business of law. The law firms with the deepest pockets can attract the best lawyers.
TGO says star lawyers are increasingly ‘guns for hire’ that are willing to work at whatever firm pays them the most for their stellar work.