Capital Markets · speciality monitor
Equity Offerings & IPOs: lateral monitor
Lawyers whose work centers on Equity Offerings & IPOs and who changed firm over the last 12 months, set against the Capital Markets practice and the market.
The last 12 months: November 2025 to October 2026
- 235
- Lateral moves, 12 monthsNovember 2025 to October 2026
- -5.1%
- Year on yearSettled 12-month windows
- 36.6%
- Partner share of moves
- 113
- Firms that hired
What the data show
In the Sartori & Partners lateral record, 235 lawyers joined a new firm in Equity Offerings & IPOs from November 2025 to October 2026. On settled windows the count went from 253 to 240 (-5.1%), a change inside the noise of the two counts, so we read it as flat.
| Measure | Here | Capital Markets | Market |
|---|---|---|---|
| Partner share of moves | 36.6% | 31.5% | 27.7% |
| Counsel share of moves | 12.3% | 11.5% | 12.7% |
| Associate share of moves | 51.1% | 56.5% | 58.5% |
| Moved up a level | 14.9% | 15.1% | 12.9% |
| Changed city | 22.7% | 23.8% | 20.5% |
| Hired by firms of 1,000+ lawyers | 65.8% | 69.1% | 53.6% |
| Year on year | flat (-5.1%) | flat (+6.7%) | rose (+9.0%) |
12 months to October 2026 unless the row says three years; a row switches to three years for every column when this page's 12-month value is not published. A dash is a value we do not publish. Flat means a change under 5% or inside the noise of the two counts.
Against the Capital Markets practice as a whole, the widest gap is the associate share, which is lower here: 51.1% against 56.5%. Year on year it moved with the Capital Markets practice as a whole: both flat.
Over the three years to October 2026, 697 lawyers moved in Equity Offerings & IPOs, 269 of them partners (38.6%). They joined 203 different firms. 13.2% stepped up a level on the move and 21.1% changed city, against 12.3% and 21.6% across the market over the same three years. 69.3% came from firms with 1,000+ lawyers.
Latest: 22 in Sep 26
Show the numbers
| Month | Value |
|---|---|
| Jan 25 | 27 |
| Feb 25 | 30 |
| Apr 25 | 25 |
| Jun 25 | 23 |
| Jul 25 | 25 |
| Sep 25 | 32 |
| Oct 25 | 23 |
| Jan 26 | 27 |
| Apr 26 | 23 |
| Jun 26 | 23 |
| Aug 26 | 24 |
| Sep 26 | 22 |
The newest months read low: start dates are confirmed with a delay.
This is a partner market: 36.6% of movers were partners, against 27.7% market-wide. On settled windows partner moves alone went from 105 to 86 (-18.1%), a change inside the noise of the two counts, so we read it as flat. A step up in title came with 14.9% of moves (market 12.9%).
- Partner36.6%
- Counsel12.3%
- Associate51.1%
113 firms hired at least one lateral in Equity Offerings & IPOs in the window. Ten firms account for 29.9% of arrivals, against 12.9% across the market: moderately concentrated. Latham & Watkins ranks first by lateral arrivals, in the 11-20 band.
New York ranks first among destination cities with 26.8% of arrivals, followed by London (9.4%). 22.7% of movers also changed city, against 20.5% market-wide.
- 1,000+ lawyers69.3%
- 400-999 lawyers18.2%
- 150-399 lawyers6.4%
- under 150 lawyers6.1%
There were 206 open roles in Equity Offerings & IPOs on law-firm career pages on November 11, 2026.
With volume in Equity Offerings & IPOs holding level, a hire depends on a specific reason to move, which a firm has to put in front of the candidate.
Firms by rank and band
Each firm appears as a rank and a band, never an exact count, and only with at least 10 moves in the window.
| Rank | Firm | Moves (band) |
|---|---|---|
| 1 | Latham & Watkins | 11-20 |
| 2 | Greenberg Traurig | 6-10 |
| 3 | White & Case | 6-10 |
| 4 | Cooley | 6-10 |
| 5 | Sidley Austin | 6-10 |
| 6 | Jones Day | 6-10 |
| 7 | DLA Piper | 3-5 |
| 8 | Paul Hastings | 3-5 |
| 9 | Baker McKenzie | 3-5 |
| 10 | Norton Rose Fulbright | 3-5 |
| Rank | Firm | Moves (band) |
|---|---|---|
| 1 | Paul Hastings | 11-20 |
| 2 | White & Case | 6-10 |
| 3 | Baker McKenzie | 6-10 |
| 4 | Dentons | 6-10 |
| 5 | Sidley Austin | 6-10 |
| 6 | Paul, Weiss, Rifkind, Wharton & Garrison | 3-5 |
| 7 | Hogan Lovells Cadwalader | 3-5 |
| 8 | Reed Smith | 3-5 |
| 9 | Mintz, Levin, Cohn, Ferris, Glovsky and Popeo | 3-5 |
| 10 | Norton Rose Fulbright | 3-5 |
Deals in Equity Offerings & IPOs
Sartori & Partners data count 4,206 dated deals in Equity Offerings & IPOs in the 12 months to October 2026 and 11,313 over the three years to October 2026.
Capital markets work is involved in 98.5% of them and Banking & lending in 0.6%.
By client industry, Pharma & Biotech comes first with 22.5%.
Latham & Watkins ranks first among advising firms over the period, in the 701-1200 band.
| Rank | Firm | Deals (band) |
|---|---|---|
| 1 | Latham & Watkins | 701-1200 |
| 2 | Davis Polk & Wardwell | 701-1200 |
| 3 | Ellenoff Grossman & Schole | 401-700 |
| 4 | Cooley | 401-700 |
| 5 | Sichenzia Ross Ference Carmel | 251-400 |
| 6 | Goodwin Procter | 251-400 |
| 7 | Loeb & Loeb | 251-400 |
| 8 | Paul Hastings | 251-400 |
| 9 | DLA Piper | 251-400 |
| 10 | White & Case | 251-400 |
Time to partner in Equity Offerings & IPOs
82 lawyers were promoted to partner in Equity Offerings & IPOs in the 12 months to May 2026, 411 over five years, according to Sartori & Partners data.
The median time from first year of practice to partner is 10.0 years, with the middle half between 9.0 years and 12.0 years, against a market median of 10.0 years. 81.3% made partner within 12 years.
These figures rest on 305 promotions.
Related monitors and reports
Other specialities in Capital Markets
Hiring in this market
Reports
- IPO Lawyers and the Life Sciences Issuer: 22.5% of Equity Offerings
Pharma and biotech companies are 22.5% of the equity offerings law firms advised over 3 years, 2.4 times the share of banks. The lawyers who run those deals are hired in New York, at an index of 181 against the market, and their number has not grown.
November 11, 2026 · November 2026
Edition November 2026. Window: November 2025 to October 2026. Source: Sartori & Partners, from public law-firm announcements, firm websites and professional profiles, checked monthly. Methodology. Spot an error? [email protected].
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