Stat Of The Week: The Great Lateralization
Just how many associates are switching firms?
As regular Above the Law readers should know, firms have been using raises, varied forms of bonus, and even non-comp-related perks in the fight to compete in a hot lateral associate market.
But just how many laterals have there been?
According to a Thursday ABA Journal report detailing new data from the lateral hiring due diligence company Decipher, it’s a lot.
Through the third quarter of 2021, there were 13,987 associates who changed firms, according to the report. This marks a 51% increase over the previous four-year average for this time period.
As Decipher’s founder and CEO Michael Ellenhorn emailed the publication: “The nature of associate work and their connection to their firms has fundamentally changed, and the market is reflecting this new reality.”
Lateral associate moves increased 51% compared to prior four years, new data shows [ABA Journal]
Jeremy Barker is the director of content marketing for Breaking Media. Feel free to email him with questions or comments and to connect on LinkedIn.
