How Profitable is a Lateral Prospect

• The reasons why individual or group of attorney candidates are leaving their present firm. Considering all that you may know about the practice of law, the current legal marketplace, and the reputations of other members of the candidates' firms, how comfortable are you with their reasons? Do they make sense? What is the likelihood that the same conditions will surface at your firm?
   
• Candidates' practice areas and client bases. Who are the candidates' clients, by name and by industry? (BCG Attorney Search's experience suggests that if one particular client accounts for more than 15% of a candidate's gross revenue, that candidate may be a risky choice.) What specific types of work do candidates perform for each of their top 10 or 15 key clients? If it is litigation, how long will the matter(s) continue? What will replace this work when it is completed? Is the candidate the principal contact for these clients? How much of the work does the candidate perform himself or herself, as opposed to work performed by other partners or associates?
   
• Possible responses of clients to their lawyers' move to your firm. Which clients does the candidate expect to follow him or her? What are their annual billings? How dependent is the candidate on these particular clients? How will the candidate complement the firm's practice? To what extent will conflicts of client or business interests affect the candidate's contribution to the firm?
   
• Financial profiles of candidates. BCG Attorney Search's work with law firms across the U.S. leads us to believe that although firm leaders can generally find financial data and management information about candidates, they tend to ignore it and focus their attention on the current year, especially if it's been particularly profitable.
   
• BCG Attorney Search's recommendation: Review prospects' three-year track records to discern trends in their financial profile. For example, what have been the candidate's actual performance statistics over that period? Also note candidates' realized hourly rates over the past three years. What to ask:
   
• How do these realized rates compare to those charged by your firm?
   
• How will the candidate's clients react to your firm's hourly rates?
   
• Is it realistic to expect a candidate with lower hourly rates to sustain an increase that's compatible with rates charged by your firm's attorneys?
   
• How much work in process does this candidate currently have? Has this amount been increasing or decreasing over the past three years?
   
• What are the candidate's total and aged accounts receivable? Have these amounts been increasing or decreasing for each of the past three years?
   
• How much of the candidate's recorded time has he or she usually written down or off?
   
• How much of associates' time has the candidate usually written down or off?
   
• How much pro bono does the candidate perform?

• How much new business has the candidate generated within the past three years?
   
• How much repeat business has the candidate generated within the past three years?
   
• Financial health of prospects' key clients. Consider: Has the candidate's practice from his or her large clients been growing or declining?
   
• Have the amounts of work in process and accounts receivable from top clients been increasing, leveling off, or declining?
   
• Has the aging of work in process and receivables from key clients been increasing, leveling off, or declining?
   
• What is the economic future of the candidate's practice area from these ongoing clients?
   
• What is the economic future of the candidate's most profitable clients? Personal and professional backgrounds of clients. Ask;
   
• Can you verify the credentials listed on the candidate's resume?
   
• Can you confirm that the candidate possesses the actual experience he or she purports to have. (Get the opinion of your firm members on this.)
   
• Does the candidate have a good reputation?
   
• Is the candidate working on client matters that may be perceived as damaging to your firm?
   
• Are there any known complaints or proceedings pending against the candidate?
   
• Are there any known complaints or proceedings pending against other parties the candidate has been associated with in any capacity?
   
• Is the candidate aware of any ongoing investigations involving himself or herself?

 

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.