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At the Intersection: Loneliness at the Top
In our last post, we discussed some topics and insights that arose in a recent Managing Partners Forum sponsored by Edge International. One concern the MPs cited as a major area of management concern was law firms' frequent and unacceptable failure to successfully integrate lateral hires.
Uh, Oh '
Looking past the failure of entire law firm mergers for the moment to concentrate on the failure of individual lateral partner hires to thrive, the numbers are shocking: All research suggests that about 50% of lateral hires crater badly. The MPs' were not talking about situations where lateral partner performance falls somewhat short of the high hopes and lofty promises of profitable portables that begat the firm's decision to take an outsider aboard. They were talking about total busts, misbegotten collaborations that failed so badly ' either at a financial level, a personal “fit” level, or both ' that either the firm or the lateral hire was compelled to part ways.
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