Strategic Talent Acquisition: How to Be More Competitive in Recruiting Top Talent

It is a well-reported fact within the legal industry that law school enrollments have flattened in recent years, with total J.D. enrollments showing little or no growth since 2004. This trend, in combination with the significant and ongoing growth in the size of law firms, translates into an intensely competitive market for top law school talent. With only a few exceptions, firms throughout the industry are struggling to secure as many of the best candidates as they need and want. The widening gap between law firms' investments in campus recruiting and the resulting payoff in terms of candidate acceptances is driving law firms to take a harder look at their approach and strategy in law school recruiting. And the smartest of these firms are asking the hardest of questions: What is the best way to approach law school recruiting?

Overcoming Inertia

Unfortunately, despite growing competitiveness, declining results, and the high costs of recruiting, the large majority of law firms have yet to deal with this challenge. Year after year, law firms continue to employ uncompetitive recruiting approaches, failing to ever seriously consider innovative strategies for attracting top candidates. As is true for most aspects of legal practice and management, firms tend to be risk averse in law school student recruiting. Law firms commonly utilize a recruiting approach that is based on the firm's history and culture and that has little to do with what candidates are interested in hearing and seeing from employers.

Firms also avoid experimenting with recruiting strategies, relying on generic or widely accepted approaches and looking at competitors to measure their own success in attracting candidates. Yet simultaneously, firms routinely sink tremendous time and money into law school recruiting, annually interviewing hundreds of candidates in hope of securing a mere 25% of them. With an uncompetitive and stagnant recruiting strategy, the average law firm is seeing fewer acceptances from the best, most sought after candidates and over time losing market share in the war for talent.

So, what can firms do to manage growing competitiveness for law school student talent and improve recruiting results?

Before we review a few basic yet effective methods for improving recruiting results, take note: There is no single best method for achieving success in law school student recruiting. Law schools and their students differ significantly in terms of overall receptiveness to law firm approaches and communications. Different methods work to varying degrees of success, depending on the schools and student body. Very often, recruiting approaches that fail in one market or at one school succeed at another. Moreover, much of the success firms experience depends on the competitiveness of the market where the school is located and the extent to which the school is regularly targeted by other firms.

Opening Up to New Approaches

Although no single recruiting model could or should be applied across all law firms, there are fundamentals to recruiting that all law firms should consider.

Use Your Best People. Far too many law firms have relegated recruiting to underutilized lawyers of the firm. Unfortunately, this approach does little to profile your greatest assets and opportunities to high-value candidates. Recruits want to meet your best and brightest leaders and lawyers, and these individuals will be critical to securing acceptances from high performers. So while it may sound like a large investment to send a key rainmaker to on-campus interviews at top schools, recognize that garbage in often results in garbage out.

Staff Up. All too often, law firms under-staff and/or inappropriately staff the recruiting function at the professional level, failing to require credible and substantial experience when filling these roles. According to NALP survey data, in 2004, more than 50% of all firms surveyed employed a recruiting director with five or less years of experience. Now compare this with your CFO or Controller. Chances are, individuals in financial and other business-critical roles offer at least a decade
or more of experience. A critical component of a successful recruiting strategy involves dedicating resources to a group of experienced and talented professionals, who are fully capable of leading an efficient and successful recruiting function.

Define Your Strategy. For most firms, the notion of strategizing in law school student recruiting may seem a bit foreign and perhaps unnecessary. But in light of the high and rising competition for top talent, leading firms are relying on sophisticated analyses to assess the recruiting market and prioritize firm investments. Increasingly, firms are developing recruiting strategies that are designed to meet the firm's hiring goals, both in terms of candidate credentials, volume of recruits, and money spent. Without clear recruiting goals or a recruiting strategy, firms often attempt to be all things to all law school students, a de facto strategy which is both expensive and uncompetitive.

Prioritize Your Investment. A key component of strategizing in recruiting involves focusing the firm's investment. Firms most successful in recruiting have recognized that not all recruiting markets are the same. These firms have prioritized certain markets and law schools in order to secure more candidates who are best aligned with the firm's overall business strategy. This focused approach enables firms to capitalize on market differences and better attain the firm's recruiting goals.

Align Your Message. Many firms fail to recognize that in the eyes of law school students, law firms seem largely indistinguishable. Unlike consumer goods companies, very few law firm 'brands' actually reach early stage law school students. And in the vacuum of clear messaging about law firms, students often rely on readily available information to form conclusions about who and what firms are. Very often, a firm's 'brand' becomes dependent on stories told by a former summer associate, a speaker on campus, media coverage, or high-profile cases. Firms often find that because they've never attempted to control or develop a recruiting 'message,' their reputation on campus is inconsistent with the firm's recruiting strategy or, in some cases, hurts recruiting results.

In order to successfully attract candidates who are a strong fit with a firm's culture, work ethic, and strategy, law firms must seek to differentiate themselves from other firms and communicate clearly and consistently with candidates about the firm. This involves developing a unique or different message to share with candidates about the reality of who and what the firm is today, and then ensuring that all firm communications support that message.

Think Outside the Legal Industry Box. Most firms benchmark recruiting practices against other law firms, paying minimal attention to recruiting practices employed by corporations or other professional services organizations. Given that consolidation trends have impacted banking, accounting, and numerous other industries in prior decades, valuable lessons on competition for talent and how to recruit the best and the brightest can be gleaned from nonlegal organizations. Firms most willing to explore recruiting approaches not traditionally employed by law firms will by their actions differentiate themselves on campus and gain candidate notice.

Conclusion

The combination of stagnating production in law school graduates and the tremendous growth in law firm size is placing pressure on the market for law school student talent. Competitiveness in talent acquisition has been further compounded by trends in law firm consolidation, and as a result, many firms today are struggling to achieve the recruiting results they desire.

What are the long-run implications of growing competition for talent? Further consolidation in law firm size and economics will only drive more demand and more funding for recruiting and attracting top candidates. To the extent that recruiting is an area of focus and investment, firms with greater profitability will continue to gain market power and more successfully attract the best candidates. Firms across the market will have to become more strategic and more innovative to successfully recruit top law school students.

Kristin K. Stark, CPA, is a consultant with Hildebrandt International, a management consulting firm that specializes in the legal profession. She advises clients on strategy development, organizational management and structure, and talent development and retention. Based in San Francisco, Stark can be reached at [email protected] or 800-449-8699.

It is a well-reported fact within the legal industry that law school enrollments have flattened in recent years, with total J.D. enrollments showing little or no growth since 2004. This trend, in combination with the significant and ongoing growth in the size of law firms, translates into an intensely competitive market for top law school talent. With only a few exceptions, firms throughout the industry are struggling to secure as many of the best candidates as they need and want. The widening gap between law firms' investments in campus recruiting and the resulting payoff in terms of candidate acceptances is driving law firms to take a harder look at their approach and strategy in law school recruiting. And the smartest of these firms are asking the hardest of questions: What is the best way to approach law school recruiting?

Overcoming Inertia

Unfortunately, despite growing competitiveness, declining results, and the high costs of recruiting, the large majority of law firms have yet to deal with this challenge. Year after year, law firms continue to employ uncompetitive recruiting approaches, failing to ever seriously consider innovative strategies for attracting top candidates. As is true for most aspects of legal practice and management, firms tend to be risk averse in law school student recruiting. Law firms commonly utilize a recruiting approach that is based on the firm's history and culture and that has little to do with what candidates are interested in hearing and seeing from employers.

Firms also avoid experimenting with recruiting strategies, relying on generic or widely accepted approaches and looking at competitors to measure their own success in attracting candidates. Yet simultaneously, firms routinely sink tremendous time and money into law school recruiting, annually interviewing hundreds of candidates in hope of securing a mere 25% of them. With an uncompetitive and stagnant recruiting strategy, the average law firm is seeing fewer acceptances from the best, most sought after candidates and over time losing market share in the war for talent.

So, what can firms do to manage growing competitiveness for law school student talent and improve recruiting results?

Before we review a few basic yet effective methods for improving recruiting results, take note: There is no single best method for achieving success in law school student recruiting. Law schools and their students differ significantly in terms of overall receptiveness to law firm approaches and communications. Different methods work to varying degrees of success, depending on the schools and student body. Very often, recruiting approaches that fail in one market or at one school succeed at another. Moreover, much of the success firms experience depends on the competitiveness of the market where the school is located and the extent to which the school is regularly targeted by other firms.

Opening Up to New Approaches

Although no single recruiting model could or should be applied across all law firms, there are fundamentals to recruiting that all law firms should consider.

Use Your Best People. Far too many law firms have relegated recruiting to underutilized lawyers of the firm. Unfortunately, this approach does little to profile your greatest assets and opportunities to high-value candidates. Recruits want to meet your best and brightest leaders and lawyers, and these individuals will be critical to securing acceptances from high performers. So while it may sound like a large investment to send a key rainmaker to on-campus interviews at top schools, recognize that garbage in often results in garbage out.

Staff Up. All too often, law firms under-staff and/or inappropriately staff the recruiting function at the professional level, failing to require credible and substantial experience when filling these roles. According to NALP survey data, in 2004, more than 50% of all firms surveyed employed a recruiting director with five or less years of experience. Now compare this with your CFO or Controller. Chances are, individuals in financial and other business-critical roles offer at least a decade
or more of experience. A critical component of a successful recruiting strategy involves dedicating resources to a group of experienced and talented professionals, who are fully capable of leading an efficient and successful recruiting function.

Define Your Strategy. For most firms, the notion of strategizing in law school student recruiting may seem a bit foreign and perhaps unnecessary. But in light of the high and rising competition for top talent, leading firms are relying on sophisticated analyses to assess the recruiting market and prioritize firm investments. Increasingly, firms are developing recruiting strategies that are designed to meet the firm's hiring goals, both in terms of candidate credentials, volume of recruits, and money spent. Without clear recruiting goals or a recruiting strategy, firms often attempt to be all things to all law school students, a de facto strategy which is both expensive and uncompetitive.

Prioritize Your Investment. A key component of strategizing in recruiting involves focusing the firm's investment. Firms most successful in recruiting have recognized that not all recruiting markets are the same. These firms have prioritized certain markets and law schools in order to secure more candidates who are best aligned with the firm's overall business strategy. This focused approach enables firms to capitalize on market differences and better attain the firm's recruiting goals.

Align Your Message. Many firms fail to recognize that in the eyes of law school students, law firms seem largely indistinguishable. Unlike consumer goods companies, very few law firm 'brands' actually reach early stage law school students. And in the vacuum of clear messaging about law firms, students often rely on readily available information to form conclusions about who and what firms are. Very often, a firm's 'brand' becomes dependent on stories told by a former summer associate, a speaker on campus, media coverage, or high-profile cases. Firms often find that because they've never attempted to control or develop a recruiting 'message,' their reputation on campus is inconsistent with the firm's recruiting strategy or, in some cases, hurts recruiting results.

In order to successfully attract candidates who are a strong fit with a firm's culture, work ethic, and strategy, law firms must seek to differentiate themselves from other firms and communicate clearly and consistently with candidates about the firm. This involves developing a unique or different message to share with candidates about the reality of who and what the firm is today, and then ensuring that all firm communications support that message.

Think Outside the Legal Industry Box. Most firms benchmark recruiting practices against other law firms, paying minimal attention to recruiting practices employed by corporations or other professional services organizations. Given that consolidation trends have impacted banking, accounting, and numerous other industries in prior decades, valuable lessons on competition for talent and how to recruit the best and the brightest can be gleaned from nonlegal organizations. Firms most willing to explore recruiting approaches not traditionally employed by law firms will by their actions differentiate themselves on campus and gain candidate notice.

Conclusion

The combination of stagnating production in law school graduates and the tremendous growth in law firm size is placing pressure on the market for law school student talent. Competitiveness in talent acquisition has been further compounded by trends in law firm consolidation, and as a result, many firms today are struggling to achieve the recruiting results they desire.

What are the long-run implications of growing competition for talent? Further consolidation in law firm size and economics will only drive more demand and more funding for recruiting and attracting top candidates. To the extent that recruiting is an area of focus and investment, firms with greater profitability will continue to gain market power and more successfully attract the best candidates. Firms across the market will have to become more strategic and more innovative to successfully recruit top law school students.

Kristin K. Stark, CPA, is a consultant with Hildebrandt International, a management consulting firm that specializes in the legal profession. She advises clients on strategy development, organizational management and structure, and talent development and retention. Based in San Francisco, Stark can be reached at [email protected] or 800-449-8699.