English to Arabic Bus/Financial Economics corporations law

Collaboration institutionalizes client relationships. In general, when there are more lawyers serving a client, the risk of any single individual absconding with the client if he leaves the firm decreases. Yet even when multiple professionals serve a client, it is no guarantee that they cannot leave en masse and take the client relationship to their next firm. This phenomenon of leaving with an intact team is known as a „lift-out‟. Lift-outs occur when a firm hires a high-functioning group of colleagues, who are often successful in taking many of their clients with them to the new firm.7 Lift-outs, however, are generally constrained to individuals working within a single unit. This reasoning suggests that there is stronger retention of clients who are served by a team of cross-practice professionals, as opposed to those served by either sole partners or groups of partners from within the same organizational unit.