The profession’s favourite fantasy is starting to look expensive- LexisNexis
Law firms spend years helping lawyers build credibility, client loyalty and books of business, then act surprised when those assets walk out the door. For a profession that likes to think it’s commercially hard-headed, it’s been far too comfortable with that setup for far too long. Our report, Death of the rainmaker, suggests that comfort is getting harder to defend.
The legal sector still values the rainmaker. Of course it does. If someone can win work, grow relationships and keep revenue moving, they become very important, very quickly. That isn’t the problem. The problem is how many firms still put too much commercial weight on individuals, then act as though the downside is bad luck rather than a predictable feature of the model.
The cost of portable power
Our January 2026 survey of more than 500 private practice lawyers found that 20% of firms are heavily or completely dependent on rainmakers for revenue, while 41% said they had little or no reliance. The detail matters. Only 6% said their firm is completely reliant on a handful of individuals and 14% said they’re heavily reliant. Most sit somewhere in the middle. So no, every firm isn’t one resignation away from a wobble. But enough are to make this a structural issue, not just another story about star talent.
That risk looks sharper when people move. The report highlights partner moves in London rising 21% year on year, alongside high-profile departures across major firms. Scott Gibson of Edwards Gibson is clear about what over-reliance can mean: “Client, revenues, and teams can walk very quickly if a key individual leaves or slows down.” Set the prestige aside and the issue becomes easier to name. It’s concentration risk.
AI is exposing the tension
For years, firms have talked about collaboration, shared knowledge and institutional strength. They’ve also continued to pay heavily for portable books of business. Gibson says collaboration may be a longstanding aspiration in Big Law, but at the top end, hiring behaviour remains largely unchanged and firms still pay top dollar for portability. That’s the trade-off sitting underneath all the language about teamwork. Firms want the resilience of the collective but the commercial pull of the star. They just don’t want the instability that can come with trying to have both.
AI hasn’t created that tension. It’s simply made it harder to ignore.
The survey found that 65% of lawyers now use AI for legal research, while 53% use it for matter-related document analysis, 52% for knowledge management and 51% for client document drafting. At the same time, 48% of firms now offer knowledge and training subscriptions, and 40% have introduced technology or automation tools. That points to a shift in where value sits: away from what one person knows and towards what the firm can capture, share and deliver consistently. Once knowledge can be codified and used more widely, over-reliance on individual ownership starts to look far less sustainable.
Clients are buying more than the partner
That doesn’t mean trust has stopped mattering. Dominic Offord at Howard Kennedy is right to say that a large amount of work is still won through personal relationships built on trust. James Knight at Keystone Law says much the same. Clients still buy people. They’re just less willing to accept the fragility that can come with too much resting on one person.
That’s why the in-house view matters so much here. Alessandro Galtieri, Deputy General Counsel at Colt Technology Services, puts it more clearly than most firms probably want to hear: “I hire the partner, but I renew with the platform.” He’ll back the judgement, speed and courage of a great partner, he says, but he’ll keep paying for the firm’s bench, delivery system and ability to show up consistently if that partner leaves. He values repeatable outcomes, transparent service levels and data he can defend to a CFO. That’s a much clearer signal of what lasting value now looks like.
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What this means now
For leaders
If too much client value and commercia knowledge sits with too few people that isn’t strength. It’s exposure. The answer isn’t to stop valuing star talent. It’s to make sure star talent is supported by systems, shared knowledge and relationships the firm can retain.
For partners
Winning work still matters. So does trust. But the stronger model is one where those relationships can be institutionalised rather than privately held. Gibson makes the point clearly when he says firms should hire partners who can institutionalise relationships rather than monetise them personally.
For junior lawyers
If AI on more of the mechanical work, judgment matters more, not less. Candice Donnelly says the value lies increasingly in commercial judgment, business insight and clear direction through complexity. That should be read as a challenge to build those strengths early.
The rainmaker isn’t dead. The profession still values trust, judgement and relationships too much for that. But the old assumption that one brilliant individual can carry the firm, hold the clients and protect the economics is getting harder to defend. Not because trust matters less, but because dependence costs more.
Download the report to explore what more than 500 legal professionals told us about rainmakers, collaboration, client expectations and the future of legal work.
If you’re looking at how AI can support with more consistent drafting, research and analysis, learn more.
