Takeaways for Laterals from the 2019 Citi Hildebrandt Advisory
The 2019 annual advisory on the state of the legal market from the Law Firm Group at Citi Private Bank and Hildebrandt Consulting was just released. The report is an authority on demand for legal services from major US-based law firms.
The report projects a 6-7% increase in the demand for legal services in 2019. But not all firms will benefit equally from this growth.
The report identifies higher performance at the biggest law firms (the AmLaw 50) and firms outside the top firm rankings (“niche” law firms).
In terms of findings that may be of interest to potential lateral attorney candidates at large law firms:
Expect M&A to remain the main “practice area driver.” That being said, the survey also found that other major practice areas should have a good year, including BigLaw standbys like finance, capital markets, white collar, investigations, IP and real estate.
Surveyed firms plan to grow their income partner, counsel AND associate counts. This is good news for associates looking to move up the ladder or move to a new firm.
Increased equity partner turnover and retirement in 2019. The survey noted a recent shift from survey firms for lateral equity partner hires over internal promotions. And when it comes to retirements, Baby Boomer demographics work in the favor of associates from other generations; the survey notes that the average mandatory retirement age for firms is at 67.