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Paul Hastings law firm offices in Washington, D.C. REUTERS/Andrew Kelly
(Reuters) - When Seth Zachary steps down as chairman of Paul Hastings next fall, he will have led the Los Angeles-founded firm for 22 years. That’s a long run he doesn’t expect will be replicated by his successors, or other future Big Law leaders for that matter.
The era of the multi-decade Big Law chair is coming to an end, Zachary believes, not because the job is any harder but because firms have become less personal and more institutional. They're focused on the future, and that requires fresh talent and new perspectives.
Reuters caught up with Zachary, who plans to retire from Paul Hastings in 2024, to discuss the changing industry, today’s intense lateral market, and why so many firms are setting up shop in California.
The conversation below has been edited for length and clarity.
REUTERS: How would you characterize the lateral market right now?
ZACHARY: I’ve never seen it like this. Long-term partners doing well at really successful firms are seeing a brighter opportunity somewhere else and seizing it. Firms are recruiting people who would have been considered untouchable just 10 years ago. It’s changing. Law firms have to focus a lot on delivering for their partners, just like the partners deliver to the firm —even in the case of loyal, prosperous partners — or other firms will try to recruit them.
REUTERS: How is Paul Hastings trying to ensure partners stick around?
ZACHARY: I think our compensation system has become much more dynamic. We’re much quicker to recognize contributions of partners and much slower to tell people to wait their turn. I think the playing field in law firms is just becoming more level. Seniority doesn’t have the same entitlement as productivity has.
REUTERS: What are the biggest changes in Big Law during your time as chair?
ZACHARY: One I’d suggest is globalization. Another is the dispersion in law firm performance. Over the last 22 years, the difference in performance between the top-performing firms and other larger firms has grown substantially. If that trend continues, I think our profession will look different, with a smaller number of impact firms pulling away from the rest.
REUTERS: Has the culture changed?
ZACHARY: I think law firms have become more businesslike. I think they have gotten more future focused. I think they’ve gotten more merit based. I think they’ve gotten more diverse. I think they’ve gotten more demanding. I think they look more like their clients. Young partners and associates are becoming more important stakeholders than they ever were. As such, firms are much less top-down, culturally.
REUTERS: We’ve seen a number of firms open in California recently, including Paul Weiss; Debevoise & Plimpton; and Jenner & Block. What’s the draw?
ZACHARY: (Silicon Valley) clients are enormous. Their potential to change the world — and in doing so needing legal help — is enormous. I think most serious firms want a piece of that work. The supposition is that by being there, with a small or large bench, you’ll have access to individuals and corporations that make hiring decisions.
You’re not seeing anybody be very big, so far. I don’t think that’s what it’s about. It’s about being present. A lot of that work can be done anywhere.
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