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Five Ways to Improve Lateral Recruitment
Numerous reports indicate that lateral recruitment is thriving. Law firms of all sizes are aggressively pursuing lawyers in other firms, offering generous compensation packages and perks to tempt these lawyers to join the new firm ' with their clients, and the billable hours these clients represent, in tow. For some, this strategy works well, and firms have derived great benefits from adding to their partner ranks. For others, the results have been disastrous, leading to fractured relationships and partner defections, client dissatisfaction, and financial turmoil. The root causes for such divergent results are many, but here are five ideas that law firm leaders can embrace to improve their own success rate at finding and integrating laterals into their firms.
1. Be Selective
No statement could be more obvious, or more ignored. Law firms have traditionally operated under a model that relies on a constant stream of billable hours to fund hungry overhead and compensation expenses. As we described in this space previously (see The Fallacy of Merger Math, March 2013), when the formula for success is billable hours x hourly billing rate x timekeepers, and clients are strongly resisting increases in both rates and hours, we must rely on the remaining factor for growth. So we add timekeepers, either through mergers or through lateral recruitment. The challenge with this approach is that rather than emphasize cultural fit, or cross-selling potential, or complementary specialties, instead we focus on top line performance. A lateral candidate with an $8 million book of business in some new and divergent practice category is often perceived to be more appealing than one with a $3.5 million book of business in a practice adjacent to an existing one.'
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