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Bringing Lateral Attorneys on Board: A Blueprint for Success
Part Two of a Two-Part Article
Part One of this article discussed the importance of personal ownership of the lateral integration process and the importance of a formal business plan for lateral moves. This second installment addresses the more specific elements of the business plan and other 'how's' and 'how not's' in the lateral integration process.
There are two fundamentals to successfully bringing a lateral on board. One, someone of authority in the firm must own and drive the process and be compensated for it. Two, the firm and the lateral should jointly build a business plan to accomplish the integration of the lateral. This plan should include a detailed marketing and business development plan and should deal with the specific elements discussed below.
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