The Exodus of Experienced Lawyers from Smaller Firms to Bigger Firms
Introduction:
“Rakki Partani is one of the most dedicated people I know. Though we worked in different teams in the same legal firm for a short while, we have had the opportunity to discuss various legal issues and we have exchanged notes and continue to exchange notes to date on our respective assignments.
Rakhi is a great team player and also very diligent in tying up the loose ends in all the assignments. Her enthusiasm for learning more and gaining new experiences is commendable. I wish Rakki all the very best for becoming one of the leading lawyers in India!”
A colleague of Rakki described her in these terms. Partani graduated from the Chennai School of Excellence in Law in 2007. She then worked at prestigious law companies like JSA, Wadia Ghandy & Co., and HSB Partners. She has more than 14 years of experience, and her areas of expertise include M&A, general business advising, private equity, and debt.
Rakki Partani has joined Khaitan & Co as a Partner in the firm’s Bengaluru office’s Real Estate division. Partani spent more than seven years working as an employee at J. Sagar Associates and more than two years as a partner before joining Khaitan & Co.
Experienced lawyers are conscious of the necessity to stay current with changes in the legal field in order to maintain their competitiveness. They pursue larger businesses that can provide them with a wider range of legal services, more resources, and more prospects for career advancement as one method of doing this. As a result, larger firms continue to grow and rule the legal industry, while smaller firms are losing important personnel and seeing a reduction in the quality of their services.
As John A. DiMuro, a partner at a large law firm, says, “In order to remain competitive in today’s legal market, it’s essential for attorneys to have access to the resources and opportunities that larger firms can provide. This is especially true for those who are looking to advance their careers and expand their skill sets.”
This development does not, however, come without drawbacks. Due to a lack of skilled staff, smaller businesses may find it difficult to draw in new clients and may even be forced to close. Additionally, a drop in the general standard of legal services may result from the concentration of those services in bigger businesses.
Attorneys must carefully assess their professional aspirations and weigh the advantages and disadvantages of working for smaller vs larger companies as the legal industry continues to change. Each attorney must ultimately choose what is best for their particular requirements and goals.
WHY EXPERIENCED LAWYERS LEAVE SMALLER FIRMS FOR BIGGER ONES:
Experienced lawyers frequently switch from smaller companies to larger ones for the possibility of career progress. Through higher pay, more prospects for promotion, and a wider selection of legal services to offer clients, large law firms provide more significant opportunities for growth and advancement.
On the other hand, smaller businesses might not provide the same prospects because of their scarcer resources.
The prestige and reputation of larger companies are other factors contributing to the departure of experienced attorneys from smaller firms to larger ones. Working for a big law firm frequently carries a perception of status and credibility that can be used in negotiations or future job hunts.
IMPACT ON SMALLER FIRMS:
Smaller law companies may suffer greatly if experienced attorneys leave them for larger firms. Smaller businesses may lose key personnel, which would lower the calibre of their legal services. Due to clients’ potential preference for larger organisations with an experienced workforce, this loss of talent may also make it difficult for smaller businesses to gain new business.
IMPACT ON LARGER FIRMS:
The infusion of seasoned attorneys into bigger companies may benefit these organisations. New customers can be acquired, a wider range of legal services can be provided, and the team will benefit from the experience and understanding of experienced attorneys. Larger businesses may then be able to develop and broaden their activities as a result.
IMPACT ON THE LEGAL FIELD:
The legal profession as a whole may be significantly impacted by the departure of experienced attorneys from smaller firms to larger ones. This trend may widen the gap between smaller and larger businesses, increasing competitiveness and encouraging industry consolidation. Larger companies could become even more dominant actors as they expand, which could result in a drop in the general standard of legal services.
CONCLUSION:
In conclusion, the trend of experienced attorneys moving from smaller companies to larger ones has a big impact on the legal industry. While larger businesses provide a wider range of legal services and greater chances for career progression.
This trend may be detrimental to smaller firms and the general calibre of legal services. It is crucial to think about the effects of these trends as the legal sector develops and to take action to deal with any potential problems that may surface.
