Spot These Warning Signs about Your Lateral Acquisitions

 

1. Neglecting to plan adequately.
    
2. Having incompatible goals and expectations.
    
3. Acquiring a practice group with the hope of solving the firm's financial problems.
    
4. Straying too far from the firm's current market base.
    
5. Assuming an area of the firm will stay profitable.
    
6. Counting on key players to keep their biggest clients or attract new ones.
    
7. Straying from actual billings when setting partner compensation.
    
8. Taking on more than the firm's current resources can handle.
    
9. Giving newly acquired partners too much power.

Compatibility problems can prove particularly worrisome as well. Leaders say to look carefully at prospects who are:

• Overconfident about bringing their clients to the new firm. Most laterals overestimate how much of their business is portable: You should probably discount estimates by at least 25% to avoid disappointment.
   
• Consider: What will happen if the anticipated business doesn't materialize? And remember that it usually takes six months to a year for laterals to reap major collections and at least 18 months before you'll know whether new hires will meet your firm's financial expectations.
   
• Moving from a firm whose culture is very different from yours. Consider: Do your laterals come from a competitive, eat-what-you-kill meritocracy, for instance? If yours is a more congenial and democratic firm, they may have a hard time adapting. Be aware of such cultural issues as competitiveness versus collegiality, quantity-of-work versus quality-of-life, and the like.
   
• Resistant to your desire to contact their clients. A proprietary attitude bodes ill for cross-selling. Moreover, it could mean that your newest lawyer has something to hide. It's important to find someone in your firm willing to vouch for the prospective hire's credentials, experience, and contacts.
   
• Looking for a lifestyle change. Whatever your firm's culture, you want people who are willing to market the firm and work hard. Consider: Is your newest hire seeking new responsibilities, and not just better options and bigger profits?
   
• Asking for immediate compensation guarantees. Firm leaders agree that it's best to avoid guarantees for as long as you can. The length of time will vary depending on the desirability of the prospects and their expectations. One leader with a large firm says he's given laterals a two-year contract with guaranteed compensation and a collections minimum. Nonetheless, most firm insiders tell BCG Attorney Search they strive to avoid guarantees that are higher than what current partners make. The bottom line: Base pay on prior earnings, projected performance, and the firm's current profits.
  .
• Being billed out at rates that are substantially lower than what lawyers at your firm command. Such lawyers probably lack the qualifications or experience that your firm's current partners have.
   
• Known for being difficult people who are disgruntled about their old firms. They're likely to bring their old resentments to your law firm.
   
• Moving to your firm after having moved at least twice in the past five years. Such lawyers are either unwilling to assimilate or impossible to please.

 

Interested in Learning More about Legal Hiring? Read the Definitive Guide: How to Hire a Legal Recruiter for Your Law Firm: How Law Firms Recruit Attorneys Using Legal Recruiters

About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.