Culture rather than compensation entices City partners away from their firms, new research has shown.
A mere 15% of partners who switched firms were motivated by money, according to an online survey by legal search firm Major, Lindsey & Africa (MLA). Instead, more than three out of five said culture was the strongest factor attracting them to their new firm.
MLA’s inaugural London Lateral Partner Survey is based on the responses of 176 City law firm partners who changed firm in the past five years. Of those who selected culture as their reason for moving, two-thirds said diversity and inclusion played an important role in their decision. This was especially true for women—61% selected diversity as a key driver, compared to 21% of men.
Brent Harris, executive director, international operations of MLA, says: “Law firms should take note that prospective laterals are swayed more by leadership opportunities and cultural incentives than financial gain.”
The key reasons given for leaving a firm were poor leadership and management.
Nearly 60% of lateral hires resulted in either new clients or the transfer of some of the new partner’s existing clients, and one third resulted in an increase in both.
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