Ronald Shechtman, Pryor Cashman's Managing Partner and Chair of the Labor + Employment Group, spoke with Law.com Pro Mid-Market about what the current state of the lateral attorney recruiting means for midsize firms.
In "Big Law Attorneys Are Hitting the Lateral Market. Should Midsize Firms Hire Them?," Ron talks about how changes in Big Law profitability are driving lawyers to look for new roles:
New York midsize firm Pryor Cashman has seen more interest from qualified Big Law candidates this year than at any point in the past decade, said managing partner Ron Shechtman, who attributes the phenomenon to profitability swings in Big Law caused by decreasing demand in corporate practices. "I think those factors have been the recruiter's dream," Shechtman said. "People begin to worry or show concern about their own platform and begin to consider alternatives."
He also tells Law.com about how, even when pursuing growth, midsize firms need to focus on how well their platform will fit a potential lateral's practice:
"When you have extraordinary talent presented, you open up your mind to see how you can take advantage of that offering," Shechtman said. "We have been aggressive with growth this year in large part because of the quality and nature of candidates we've been presented with."
That said, Shechtman emphasized the need for transparency on both sides in order to make the move work long-term, ensuring that recruits understand the pros and cons of Pryor Cashman's platform and that the firm knows why someone is looking to leave their current job. "I've talked recruits out of coming here because I don't think our platform meets their needs in some international capacity or even on a national practice basis," he said.
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