Competition from international firms and lateral hires are also high on the list  with 23 per cent each marking these as the biggest change. The voting was fairly close among the 160 people who responded. Another 19 per cent said that the growing importance of industry sector experience to clients was the biggest change. Only four per cent pointed to the growing importance of emerging markets. Douglas Wood, managing partner of the New York office of Reed Smith, commented on the growth of lateral hires by saying: 'It’s definitely hotter right now. We’re talking to 25 people and I think we have about six offers out right now [in New York].'

Lack of offices abroad

Mr Wood also connected the increase in lateral activity to the need for firms to become more international. Reed Smith regularly hears from lawyers at firms which have few international offices. 'They see that as a real disadvantage,' he added. Source: Bloomberg