How Goodwin Procter Turned 1,000 Lateral Associates Into 250

How Goodwin Procter Turned 1,000 Lateral Associates Into 250 | Law.com

https://www.law.com/2023/02/09/how-goodwin-procter-turned-1000-lateral-associates-into-250/

Prior to January’s layoffs, the law firm has hired more than 600 lateral associates and lost nearly 400 since 2020, an American Lawyer analysis found. Photo: Jason Doiy/ALM

ANALYSIS

Prior to January’s layoffs, the law firm has hired more than 600 lateral associates and lost nearly 400 since 2020, an American Lawyer analysis found.

February 09, 2023 at 05:00 AM

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What You Need to Know

For the past three years, Goodwin Procter either gained or lost an average of one associate per day.
The historic hiring coincided with nearly 400 associate exits in three years, with more than 100 coming and going since 2020.
Goodwin’s turnover represents a shift toward short-term hiring among deal-focused law firms and financially motivated associates, consultants and recruiters said.

Goodwin Procter averaged one deal every eight hours during the past two years, a level of productivity that further fueled the firm’s 60% jump in head count since October 2019 and 28% growth in profits per equity partner in a remarkably strong 2021 fiscal year.

The demand also came with historic turnover: Goodwin has gained or lost more than 1,000 lateral associates since 2020, averaging about one lateral associate move per day, according to an American Lawyer analysis of three years of hiring data from Law.com Legal Compass.

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How Goodwin Procter Turned 1,000 Lateral Associates Into 250