Lateral Partners & Groups for Law Firms
In a perfect world, law firms would not need to go into the market to add lateral partners and groups. Organic growth today, and tomorrow (if future rainmakers are progressing along their growth curves), should suffice. But, much like sports teams need to go outside to bring in free agents to fill key gaps or spearhead growth in new areas, firms, too, realize that laterals are crucial to their short and long term success.
Attracting good laterals is a challenge. One-off recruiting efforts, when a firm’s lawyer talks to a friend or colleague in another firm can sometimes work. Even more conscientious and rigorous efforts in which a department maps out how it will recruit laterals theoretically could yield results. In our experience, though, while these efforts can save costs, they are not a prescription for long term success. Savvy partners who are the targets of such recruiting efforts realize they are only hearing only one side of a pitch and cannot put that into a broader perspective, in assessing just how well the firm stacks up against others. Additionally, many law firm partners are not particularly adept, or even comfortable with recruiting others, especially lawyers they do not know. As such, even the best of messages may not be conveyed in a fashion that is likely to entice someone to join the firm.
This is where we can help firms, as our market knowledge, ability to deliver a message, and ease with working with candidates opens doors that otherwise remain shut. We don’t simply talk to a candidate about a firm and offer information that can be found on a website. Rather, if we are going to discuss a firm with a candidate, we will have spent considerable time working with the firm to learn much more about it so that we can speak much more intelligently about its capabilities. This helps to ensure that candidates are a good fit for a firm, which saves time for them and the law firm.
The manner in which we present candidates, as we have been told, is second to none. Our in depth profiles provide a wealth of information about partner candidates. If a firm decides to move forward with interviews, it does so on a fully informed basis that streamlines the process. We are especially experienced in working with candidates and firms to assess financial data and otherwise spearhead the due diligence effort. If matters proceed to offer, we excel at being the intermediary who simply helps to close the deal.
We are quite proud of our ability to lead and deliver results on retained searches. We expend an extraordinary amount of time on such searches, as they receive the highest level of priority. If a firm simply needs results, especially in a challenging area, the answer may be a retained search. In light of the time that is devoted to such searches, we only take on a few retained searches each year. Contact us to learn more…..