Dan Binstock is a nationally known legal recruiter based in Washington, D.C. His reputation for handling high-impact partner moves with the utmost ethics has earned the trust of top partners and law firms. He’s also known for playing a role in educating the lateral partner market through extensive writing.
After spending time as an intellectual property attorney at the top-ranked boutique Finnegan Henderson, Binstock transitioned to recruiting. Two decades in, he operates as equal parts strategist, confidant and fixer at Garrison.
“Partner recruiting is inherently intricate and multidimensional,” says Binstock. “It requires substantive knowledge of law firms, practice areas, finances, partner compensation models, ethical requirements, interview skills, due diligence, lateral partner questionnaires and more. No two deals are the same, and I’m at my best when things get complicated. That’s what keeps things interesting.”
Lawdragon: Can you describe for our readers the focus of your recruiting practice?
Dan Binstock: I focus exclusively on lateral partners and groups in leading AmLaw firms and elite boutiques. My practice also encompasses helping very high-level government attorneys transition into law firms. My role is a combination of quarterbacking moves for partners and handling targeted searches for law firms.
Aside from targeted searches and placements, I am passionate about playing a role in elevating the legal recruiting community. I served as President of the National Association of Legal Search Consultants (NALSC) and currently chair the Ethics Committee. I also speak at industry conferences such as NALSC and National Association for Law Placements (NALP).
I also love writing. A few years back, I also started putting down all the advice I gave to partners more than once, and it culminated in LateralPartners.com. The site is a comprehensive resource of articles for lateral partners. It has articles and checklists covering every stage of the process, from the very beginning stages of considering a possible move to the logistics of giving notice, and all the issues that come up along the way. It also includes explanations and charts of the various partner compensation models, which seems to be one of the more popular sections.
Since late 2023, I have written a column for The American Lawyer called “Dear Dan” where I address the most frequent questions that partners and firms have about the lateral partner process. It’s a place to address some of the more practical topics that are not often discussed elsewhere but play a key role in many lateral partner moves. Recent topics have included things like the various types of partner guarantees, capital contributions and buy-ins, gauging the legitimacy of cold emails and calls, advice from managing partners at many top firms, advice from recruiting directors at top firms, ethical flags, and other crucial elements that aren’t widely discussed outside of one-on-one discussions.
LD: How do you think that relates to certain challenges in the legal recruiting industry today?
DB: I don’t want to come across as judgy, but there’s no other way to say this – one of the biggest challenges is a group of unethical recruiters who don’t adhere to basic principles of honesty. It’s eroding trust in the industry.
Stepping back, most attorneys are never taught how legal recruiters work. Many have no idea. So when the calls start, they are often unaware of how to protect themselves from breaches of confidentiality, unauthorized submissions and a host of other messes. Because the legal recruiting field is unregulated with no bar to entry, with the potential to make a lot of quick money, it can attract some who are motivated mainly by short-term gains. And with AI becoming so prevalent, attorneys are receiving many more emails that are difficult to decipher whether emails are genuine or not. I wrote a book “The Attorney’s Guide to Using (or Not Using) Legal Recruiters” to help explain how the recruiting process works behind the scenes, but it’s a small pebble in a sea of education that needs to keep continuing.
I spend a lot of time helping partners evaluate, analyze and make informed decisions, even if that means staying put.
On the other hand, there are also many very ethical and trustworthy recruiters who balance out the bad ones. I encourage people to consider using search firms who are members of the National Association of Legal Search Consultants (NALSC), which has the NALSC Code of Ethics. I may be biased because I chair NALSC’s Ethics Committee, but I see first-hand what can happen when search firms violate the ethical guidelines. It’s the only real protection in the industry against unethical recruiter behavior, other than taking formal legal action.
LD: That’s very important. Stepping back, how did you first become interested in becoming a recruiter?
DB: I started off practicing law at a large IP firm but was always quietly envious of the recruiters who would call me. I thought their role seemed very interesting and I found myself more interested in their approach to cold calling than the positions they were calling about.
I also take a strong interest in delving into whether a move will really satisfy their goals on both a professional and personal level. I spend a lot of time helping partners evaluate, analyze and make informed decisions, even if that means staying put. Decision-making is such a key part of my process. Some partners will tell me, “Wow, that conversation felt kind of like a therapy session. You should be a psychologist.”
While much of the lateral partner process is rooted in more front-and-center issues like client needs, navigating conflicts, due diligence, compensation and negotiation, etc., there’s also a critical parallel track of underlying personal issues that inevitably bubbles up. Certain partners I assist have more than enough money to last several generations, but there’s always an emotional element to the move that’s important. Sometimes money is really a proxy for respect or appreciation, and how firms address this can directly impact the outcome.
LD: For somebody thinking about becoming a lateral partner recruiter, what advice would you give them?
DB: Partner recruiting requires a combination of knowledge, skills and mindset. It requires substantive knowledge of law firms, practice areas, finances, partner compensation models, ethical requirements, interview skills, due diligence, lateral partner questionnaires and more. It requires connections to decision makers who can make things happen, and who trust you to be straight. Communication skills should be sharp and exacting. And from a personal standpoint, it requires discipline, resilience, discretion, recall and the capacity to connect seemingly unrelated information.
Most importantly, it’s essential to be able to anticipate several moves ahead in any given transaction. Bringing all these aspects together is what makes this work so intellectually stimulating and fulfilling. However, if you have thin skin or have trouble with rejection and major disappointments, this may not be the ideal field – there are so many ups and downs.
LD: Are there any trends you are seeing in lateral partner recruiting from the law firm side?
DB: One thing that stands out lately is how much more deliberate firms have become when it comes to bringing on lateral partners and groups. Rather than simply chasing portable business, firms are looking closely at how a combination really fits with the firm’s clients and needs. Currently, certain firms are now passing on partners or groups with 8 or multi-8-figure practices because they just don’t fit in with the firm’s existing practice footprint or strategic plan. While certain firms always seek to opportunistically expand in new areas, some realize that hiring a profitable island carries some additional risk if it’s hard to integrate.
Rather than simply chasing portable business, firms are looking closely at how a combination really fits with the firm’s clients and needs.
More recently, the topic of AI is on everyone’s mind. It’s pretty frightening because we know things will be changing dramatically but we’re not sure which firms will end up on the winning or losing side in a few years. It’s pretty clear that firms who are investing significant amounts in AI – and not avoiding the fairly inevitable – will have a leg up. We are already seeing that now.
On the candidate's side, partners are more educated than they were five to ten years ago. They want to know more about the firm’s finances, leadership style and credit methodologies. They are asking much better questions in terms of how the fit really will work. As touched on before, lot of my time goes into helping them analyze those factors, weighing the pros and cons, and figuring out how a move could impact both their satisfaction and their client relationships.
LD: Was there an early experience or mentor who impacted you?
DB: As a junior associate, I worked with a partner who was a brilliant critical thinker with a steel-trap memory. When I’d walk into his office to discuss research, he’d always rapid-fire questions. He had an uncanny ability to zero-in on exactly the one small detail I hadn’t fully researched. These grilling sessions were humbling, and I’d walk out feeling defeated, but they were also incredibly helpful in getting me to look at things from many angles and to be fully prepared. I didn’t realize it at the time, but those experiences led to me being rigorously focused on details and accuracy.
LD: How has your profession changed since the early part of your career?
DB: The quality of legal recruiters has dramatically increased, despite the smaller group of bad apples that can tarnish things for others. When I first started in 2004, the legal recruiting field was more of the Wild West and somebody who gave advice that was not self-serving was considered unique. Years later, it’s still an unregulated industry, but most recruiters have realized that doing right by people is the smartest way to build a long-term career.
LD: What one piece of advice would you give partners at firms in terms of how to most productively work with an outside recruiter?
DB: If you are in high demand, choose your recruiter very carefully. Ask a lot of questions in terms of experience, approach and how they will guide you during the process. Make sure the person is not what I call a “one inning” recruiter who will send your materials and leave you on your own during the process. There are some legal recruiters who have impressive lateral deal sheets, but they actually do very little other than send a biography with a brief write-up and let the partner and firm take things from there. When analyzing a recruiter, focus on how much the recruiters will assist you with innings two through nine. That’s when the real work happens.
LD: What are your hobbies outside of work?
DB: I’ve been playing piano since I was four, which has been a thread throughout my whole life. More recently, I’ve been known as @PianoDadDan on Instagram and TikTok, where my daughter and I create music videos and we are approaching a million followers (we got very lucky from a few videos that went viral early on). I’m also starting a series on LinkedIn called Chords and Counsel, where I’ll be posting videos of me playing piano along with musicians or vocalists who are in the legal industry. There are many talented musicians behind the scenes in the legal industry, and this is a way to help showcase their more artistic side. In the current state of the world, we can all use a bit more music and fun.
