By Major, Lindsey & Africa
Download: MPF FEATURED WHITE PAPER – 2023 Lateral Partner Satisfaction Survey – MLA – 9-1-23.pdf
Our MPF Featured White Paper is the recently published report called 2023 Lateral Partners Satisfaction Survey published by Major, Lindsey & Africa. This report has been published annually since 1996, and here are some the highlights this year:
- Overall, eighty-six percent (86%) of lateral partners report that they are satisfied with their new firms, with eighty-three percent (83%) saying that they would do it all over again if they had to.
- In addition to financial consideration, firm culture is a significant factor driving lateral partners from their previous firms.
- Effective integration into the firm is the most important driver of the lateral partner’s satisfaction at the new firm.
- Top factors attracting lateral partners to the new firm are the platform to grow his/her practice, firm culture and reputation, and firm financial stability.
- Shockingly, only fifty-five percent (55%) of lateral partners claim to have read the partnership agreement prior to joining the new firm. Only twenty percent (20%) examined their new firm’s finances situation.
The report is long but, if nothing else, we encourage you to read the Executive Summary within the first few pages of the report…especially if your firm is on the prowl for lateral partners.