Jumping Ship: Partners And Fee Earners First!

There are few matters that are more likely to make your Managing Partner wake up in a cold sweat than their key fee earners being poached (or, to use the less emotive term, being "laterally hired"). The loss of a vital partner to a competitor, with their valuable client connections, would be bad, but when the entire team jumps ship with that rainmaker, the impact for the losing firm can be enormous.

Firstly, there's the obvious impact on the fee income. But also the former firm must ensure that client relationships are maintained and the ship is steadied. The firm will be particularly keen to send a strong message, not only to warn the departing team off breaching their obligations, but to send a message to the remaining partners and fee earners so they don't follow suit.