'$20 million is the new benchmark in London’: the City’s top headhunter on the law firm partner hiring frenzy, why firms are paying millions and how the rules of partnership are changing

In today’s episode, we sit down with Scott Gibson, one of the City’s top headhunters and co-founder of elite partner-level recruitment firm Edwards Gibson. With 25 years in the game, Gibson has seen it all - and according to him, the market is crazier than ever. We discuss what’s driving the hottest law firm partner transfer market in years, why elite firms are paying eye-watering sums, which practice areas are in hottest demand and how the rules of partnership are changing. Scott also reveals what law firms are looking for in lateral hires and gives his advice for associates and junior partners looking to make their mark.Chapters00:00 Introduction to Scott and His Career Path02:03 Current State of the City Talent Market06:11 The Impact of US Law Firms on the Market09:59 High-Profile Partner Moves and Their Implications14:07 The Economics Behind Law Firm Investments17:58 What Law Firms Look for in Lateral Hires21:54 Impact on firms outside the Magic Circle 26:13 Ageism and Retirement in Law Firms30:53 The Pension Dilemma in Law Firms32:42 Capital Contributions and Partner Exits36:31 Navigating Guaranteed Compensation38:30 The Role of Headhunters in Law Firm Recruitment46:07 The Partner Hiring Process55:20 Career Advice for Aspiring PartnersAbout Non-BillableNon-Billable is an email newsletter and media company for modern legal professionals, brought to you by a small team of former City lawyers and finance professionals.Visit our website: ⁠https://www.nonbillable.co.uk/