The response to my recent article, The New Millionaires of Wall Street, has been incredibly energizing. It's clear that a significant shift is underway in the market, with a noticeable surge in high-profile lateral moves among millennial partners.

As a former millennial funds attorney myself, I'm in constant conversations with former colleagues and new clients about what they're seeking in the next chapter of their careers.

Whether it's leveling up, making a lateral move, or looking for a team build-out, there are plenty of options on the table.

One thing is certain: today's top millennial partners are evaluating firms as rigorously as firms are vetting them. While compensation is climbing (especially for funds and secondaries talent), expectations are rising even faster.

Here are the top five priorities I'm hearing behind closed doors from millennial partners right now:

1. True Economic Transparency

Given the public focus on revenue and rankings, the millennial partners I speak with want to understand how the economics of each partnership tier work. They want data, not spin. That includes visibility into the firm's profitability, origination credit policies, lockstep deviations, lateral integration history, and how the compensation committee works. Some folks love a 'black box' compensation structure, but many rainmakers despise it!

If millennials are being offered equity, they rightfully want to know: is it actually equity and if not, what is the path to get there? One partnership tier doesn't always mean an equal or actual equity partnership tier. And that's okay. But be transparent.

Millennials really want to understand the financials and contingencies sooner rather than later, particularly when firms are equally intensifying their financial due diligence on their side. It's a delicate line to walk, as this can lead to conflicts of gathering enough information to make informed decisions (on both sides), and managing ethical and fiduciary obligations.

In a market where junior partners are increasingly being offered $1M+ in the funds space, there's too much at stake for guesswork. Time is money.

Which takes me to my next point...

2. Smart Interviews (Hint: Millennials are Impatient [In a Good Way])

As a millennial, I think the expectation is straightforward: clear information, timely feedback, and interviews that move the conversation forward. How a firm runs its process plays into a partner's decision.

Some firms will have Partners start the Lateral Partner Questionnaire (LPQ) process after 2 rounds of interviews and offers after about 6 hours of interviews in total. Other firms will get up to 15 hours+ of interviews over 4+ months before they even take a look at the LPQ.

Sure, there's a case that Partners should be meeting as many people as possible to make up their mind, but it needs to be balanced with commercial reality. Partners are busy people, often with multiple processes. Millennials are increasingly looking for streamlined processes, where they can meet multiple partners in the one sitting, rather than answering the same questions 20 times.

With compensation packages climbing, I agree that firms need thorough diligence on partner hires. A wrong move affects the bottom line. The partners I speak with appreciate those conversations because they're thinking about the long term. An early lateral partner questionnaire, or a substantive discussion of the business plan, can help both sides.

Put simply: thoughtful diligence and an efficient interview process can go together.

3. Platform Power: Not Just a Brand Name

Biglaw names still carry weight (duh), but high performers are looking under the hood. Does the firm offer seamless support from associates and partners? Is there credible support in complementary areas like tax, regulatory, or finance? Is the firm allocating enough time and money to this build out?

Millennials are asking: "Can this platform elevate my client experience and help me scale?" If the answer's fuzzy, more often than not, they're out!

4. A Culture That Supports, Not Stifles

Toxic cultures are major turn-offs. Who would've thought!? Millennial partners are optimizing for EQ, not just IQ. They want collaboration with complementary teams (not turf wars), mentorship, and leaders they trust. They also want to know that firms don't just talk the talk, but walk it.

I've had horror story interviews: interviewing partners forgetting to turn up for the interview; arguments between partners on the zooms; partners not showing up in person to in-person interviews...

With more firms opting for 4 days in office and bonuses tied to attendance, culture matters.

5. Freedom to Build a Personal Brand

One of my favorites. Whether it's LinkedIn thought leadership or niche PE-focused podcasts and panel discussions, the partners I work with want to lead from the front and build a brand for themselves. They're proud of their professional identity and want marketing teams that amplify their message, not control it.

Rigid media rules or overly conservative messaging? It's a cultural mismatch.

Millennials want to build something. Firms that treat them like temporary producers will lose them to firms that treat them like owners.

If you're a millennial partner exploring your next move, or a firm focused on attracting the next generation of leadership, I'd love to share insights from what I'm seeing in the market every day.

Read about GPS’s partner search and advisory work.

Let's chat.

~Stef

stefano@gpsadvisory.co

Stefano grew up in Australia where he practiced as a Corporate and Funds Attorney from 2015, before moving to the US to work in Secondaries.