144 archived articles
State of the Market - Spring 2013
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Why Lateral Attorneys Leave and What You Can Do About It
How successful has your firm been with its laterals? Even if your firm has few problems luring qualified lateral hires, retention among this group is more of an issue than it is with homegrown practitioners, law firm leaders tell BCG Attorney Search. One reason, according to the people we contacted, relates to problems with general integration. [more] Article Type: Hiring StrategiesHave a Focused Search to Get Better Results for Your Lateral Hires
Seventy-five percent of all placement requests are for associates with two-to-four years of experience, largely because firms want lawyers with few rough edges and no immediate expectation of partnership. But the simple rules of supply and demand dictate that having focus is essential, if you want to improve your firm's chances of success. Another necessity: Spell out all expectations to save yourself the aggravation that comes with having to go back and explain to your hiring partner or committee what went "wrong" with a search. Start by asking partners to thoughtfully consider what they want before they ask you to begin the search for a lateral. To help you get them more attuned to actual needs, below are guidelines detailing minimum level requirements you need from partners before you make the first call to a headhunter: [more] Article Type: Hiring StrategiesBasic Rules Regarding Recruitment and Compensation of Lateral Partners
Few areas have more potential for internal criticism and strife than determining the appropriate compensation level for lateral partners. And even large firms that recruit tremendous numbers of lateral partners can have a hard time figuring out how to attract and compensate these new owners. The difficulties in compensating lateral partners vary depending on the compensation system employed at each firm, so the tried-and-true tactics outlined below should be helpful to law firm leaders who need ideas for recruiting and compensating lateral partners: [more] Article Type: Hiring StrategiesAvoiding Mistakes When It Comes to Lateral Acquisitions
In 2001, the NALP Foundation for Research and Education released its groundbreaking study, The Lateral Lawyer: Why They Leave and What May Make Them Stay with an eye on revealing: 1) the primary and secondary influences on the decisions of lawyers to change jobs including the role of practice interests, financial incentives, work/life balance priorities, work environment characteristics, and professional and career development needs; 2) the perceptions of laterally hired attorneys about how their new (current) employers are meeting their expectations for assimilation, marketing of the lawyer to clients, compensation and more; 3) The relative degree of loyalty or anticipated longevity of lateral lawyers as they report their own expectations for tenure; and 4) How law firms recruit and hire lateral lawyers, including the role of referrals, self-initiated contact, search consultants; law firm lateral hiring criteria and selectivity; and lateral hiring incentives. [more] Article Type: Hiring StrategiesIs Your Pay Structure Causing a Partner Exodus
Were most of your partners satisfied when the firm allocated remaining profits last year? [more] Article Type: Hiring StrategiesBe Sure About Your Law Firm’s Business Objectives Before Hiring Laterals
In many firms, lateral hiring resembles a revolving door: Lawyers come in, spend three or more years with the firm, and then depart. Indeed, when it comes to integrating laterals, most law firms do a good job of detailing the programs, policies, and paperwork needed to cover the administrative aspects associated with joining a new firm, but they fail to describe the business objectives they have for the lateral. [more] Article Type: Hiring StrategiesHow to Make Sure that Your Laterals Provide Value to the Firm
Most law firms have taken on a lateral who didn't produce as expected because something fell through the cracks during due diligence: [more] Article Type: Hiring StrategiesHow Profitable is a Lateral Prospect
Lateral hires are on the rise, which means law firm leaders must review their due diligence practices, especially when considering prospects who seem too good to be true. There are a number of now crucial areas in which to concentrate your due diligence: [more] Article Type: Hiring StrategiesHow to Market Your Law Firm to Potential Lateral Hires
Marketing is now part and parcel of what it means to be successful with lateral recruitment, especially in a marketplace where the most coveted prospects want to know why they should join your law firm and not the one down the street. Consequently, it's up to you to devise ways to communicate your firm's uniqueness. In order to effectively market your firm, you must first develop a plan to: [more] Article Type: Hiring Strategies
