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Trends in Law: Seeking Truth In The Era of Distortion

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As we get ready to begin the final stretch to end the year, it is critical to get a clear picture of what the legal landscape will look like for 2019. In this new era of distortion, the truth has become more elusive, technology continues to give businesses a competitive advantage to stay on the cutting edge.

The insights that follow provide lawyer with the top trends that are shaping the legal profession. Keep your eye on the ball, make sure you’re still bankable.

LATERAL MOVES BY PRACTICE AREA

OnBalance Search Trends 2018 - 2019.001

As was the case in 2017 Litigation and Corporate continue to dominate the legal field with Labor & Employment and Intellectual Property rounding out the slices in the pie.

The issue of pay equity between women and men has been garnering a growing amount of attention making litigation from class actions to individual cases—an increasingly common occurrence.

The top markets in Litigation are New York City (13%), The District of Columbia (10%), Los Angeles (8%), San Francisco (7%) and Chicago (6%).

Corporate Law is still done primarily in New York City (25%), that’s not going to change any time soon.

The top Labor & Employment markets are San Francisco (12%), Los Angeles (12%), New York City (11%), The District of Columbia (7%) and Minneapolis (6%).

At the mid-level, L&E practices will continue to be highly coveted, but it is not certain what these very interesting times will tell in 2019. The senior level lawyers can find it difficult to make partner in the L&E services due to rate competition.

The number of associates (5%) and counsel level attorneys lathering into partner posts (15%) this past year. There is no skew  in terms of the moves regardless of the size of the firm. Big, small and mid-sized firms have experienced movements along these lines.
Lateral Moves By Title

 

 

Law firms continue to expand to meet the need for tech transactions to handle high-end M&A support. Intellectual Property also is in demand for licensing, joint ventures and other IP-related agreements.  No field is more rife with cyber threats to protect businesses intellectual property.

Data privacy is a good practice to consider. The market has been expanding for senior tech transactions associates as of late, with several high-end firms with senior lateral needs.

The top markets for IP are The District of Columbia (19%) and New York City (17%).

 

Locations Laterals Moved From
Location Laterals Moved To
Firms Attorneys Lateralled From.
Firms Attorneys Lateralled To

The market was unprepared for the real estate boom back in 2013.  There are few markets in the country that are better suited for launching a real estate career than California. The top markets for Real Estate are New York City (17%), Los Angeles (10%), The District of Columbia (8%), North Carolina (7%) and Minneapolis (6%).

Not surprisingly in the world of Banking New York City (25%) and The District of Columbia (24%) dominate legal transactions. New emerging practice areas to consider are cannabis and cryptocurrency.

 

Ready to make the lateral partner move? You’ll need to clearly detail how you got to where you are and why the you’re the best. 

Not sure you are being compensated equitably for your efforts? Have you valued your book of business? Detail how much revenue each client contributes and what verticals have historically been most profitable.

Working with a local legal recruiter can benefit your job search in several ways. Let’s schedule a time to sit down and assess your worth and value in the marketplace.

 

About On Balance Search Consultants
On Balance offers great insight and industry intelligence.  Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at http://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

 

8th Annual Long Island Invitational Conference on Estate Planning and Administration

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Wednesday, May 16, 2018
8:00 am – 11:00 am
Nassau County Bar Association
15th & West Streets, Mineola, NY 11501

This program is approved for the following credit hours:
2.0 CLE for Attorneys
2.0 CPE for CPAs & EAs

Estate Planning & Administrative Conference 2018

Personal Injury Law: How to be the Alpha and Control the Room [ CLE for Attorneys ]

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April 26, 2018 – Personal Injury: The Deposition Whisperer.
How to be the Alpha and Control the Room, Long Island, NY

April 26.2018 - Personal Injury - The Deposition Whisperer

Confessions of a Legal Recruiter: Are You in a Career Coma?

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Do you find yourself unresponsive to the world around you? Nothing seems to phase you, and you are numb to the painful reality that you’re stuck in a dead-end job. There is no secret recipe for a curing a  career coma. What you can do is start taking charge of your situation.

Article originally ran in Above the Law, January 31, 2018.

Article originally ran in Above the Law, January 31, 2018.

 

“What would you do if you were stuck in one place and every day was exactly the same, and nothing that you did mattered?” — Broadcast TV Weatherman Phil Connors is assigned to cover the annual Groundhog Day in Punxsutawney, PA. Played by actor / comedian Bill Murray. Phil finds himself caught in an infinite time loop, repeating the same day over and over again.

Okay, campers. Rise and shine. It’s Groundhog Day! 
Do you find yourself just going through the motions at work? Clocking in and clocking out, without truly investing your time? Author and Executive Coach Anne Marie Segal, “Given the risk-averse tendencies of most lawyers, coupled with demanding workloads, the concept of proactively creating a career path can be difficult to entertain. Yet if we do not drive our own careers, we are often driven down backroads and dead-ends that lead nowhere we wanted to go.”

Do you find yourself unresponsive to the world around you? Nothing seems to phase you, and you are numb to the painful reality that you’re stuck in a dead-end job. “Without a proactive strategy you very well may lose sight of your goals and find that your job is no longer fulfilling. Suddenly you realize that your career is way off track”  — Shari Davidson, Top Legal Recruiter.

Know the warning signs.

  • Churning out large amounts of work, with little thought. You are not working on deals, cases or projects that make a difference to the bottom line.
  • You have become immune to what’s going on at the office and suddenly are not invited to important meetings.
  • This self-induced coma has made you complacent, and you seldom take initiative to learn new skills. Your skill set is no longer relevant, and you now have limited options for advancement.
  • Your appetite for challenging work has waned, and you have little to no motivation to grow or change for the better. You’ve become risk adverse. You’ve lost your edge and fear change.
  • You no longer see opportunities, and you are leaving money on the table. You are lost and cannot see the way out.

Wake up! Try something new and get some professional help.

Lawyer Coach Anne Marie Segal, “You cannot get out of a career coma just by ‘thinking yourself’ out of it. Highly intelligent people tend to rely too much on their intellectual abilities to solve problems. This is not a problem that cannot be solved through brain power alone. In fact, that approach creates the same blind spots that led to a career coma in the first place.”

On Balance Legal Search, CEO Shari Davidson —  “There is no secret recipe for a curing a career coma. Every case is different. What you can do is start taking charge of your situation, which takes guts, expansive thinking and powerful contacts:

  • Guts — First, you need to find the courage to recognize and admit to the problems that are plaguing your career. Then you need to make the commitment to addressing the problems head on and following it through to completion.
  • Expansive Thinking — Second, accept that resolve and a commitment are not going to be enough. You’ve hit a wall and need to make some changes.  You no longer share the firm’s interests, values or career priorities.
    Instead, take time to understand who you are and what you want. Start thinking expansively, challenge yourself to re-engage and strategically find new solutions to reach the success you seek.
  • Contacts and Networking — Lastly, you need to associate yourself with others who can help you get out of your rut. Go outside your comfort zone and put yourself into new centers of influence to widen your circle of friends. Get new perspectives from your new social networks.”

“Take the time to figure out what you think of you.” — Michael F. Melcher, Author, The Creative Lawyer. Get out from behind your desk and out of your comfort zone. Join an exercise group or gym. Take on some pro bono cases in areas of interest. Join the board or a committee of a non-profit organization. Go on informational interviews. Finding out what legal recruiters or other career professionals can offer.

Talk to a professional to get some honest feedback and support. Make those powerful connections that will get your career back on track.

Download Anne Marie Segal’s Personal Value Proposition Worksheets from her book, Know Yourself, Grow Your Career: The Personal Value Proposition Workbook.And sign up for On Balance Search’s newsletter.

About On Balance Search Consultants

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at https://www.onbalancesearch.com. Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Confessions of a Legal Recruiter: Negotiating The Best Deal

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Confessions of a Legal Recruiter: Negotiating The Best Deal

New Regulation Makes Disclosure Of Compensation Unlawful Discrimination.
Confessions of a Legal Recruiter TM .001

The new labor law is to go into effect the 1st of November here in New York City.  Similar laws have passed in Massachusetts, Pennsylvania, Illinois and California to name a few. The law’s intent is to eliminate inequitable compensation based on gender, age or other biases. This new law amends Fair Labor Standards Act of 1938, making it unlawful to base offers on past compensation.

No longer can an employer ask about a candidate’s past salary, income or compensation.

Hire a recruiter to negotiate the best deal. It’s really a no brainer. You really want a top recruiter to get in there and negotiate the best terms. Here’s why:

Time & Energy

If you are open and forthright about your salary and compensation goals with your recruiter from the onset, you will save you time and energy. Disclosing your compensation and realistic expectations will help ensure the candidate’s and client’s salary expectations are in alignment.

Marketplace Intelligence

Recruiters know the market and what competing firm’s offerings. They have an extensive network to get inside information on what firms are looking for. Knowing the marketplace helps recruiters steer you clear of the firms that are merging or going under.

Create A Compelling Case

Be prepared. Work with a recruiter to strategically best present you. A good recruiter helps define the true value of your skill set and how uniquely qualified you are. Let them create a compelling narrative of how your past wins and successes contributed to the bottom line of the firm. And how you will help increase the overall profitability of the firm.

“On Balance Search Consultants has successfully put clients and candidates together. The new partnership produce added revenue streams and elevated positions in securing new business.” — Shari Davidson, President On Balance Search Consultants.

Calculate the risk. Try not to disclose your past compensation. There may be times that your back will be up against the wall and you will have to disclose your past salary and future expectations. As in the courtroom you’ve got to assess your case. Is this the best deal? Do we to press for more money or pass on the deal? Let’s make sure you don’t miss out on a real career opportunity.

Leverage net worth. Don’t risk undervaluing or overestimating your worth. Every firm has a top and bottom line. Know what you can ask for and what’s unreasonable. Never commit yourself to a specific figure before you have a better understanding of the position requirements and the firm’s expectations.

Weigh The Intangibles

Remember the negotiation is not just about compensation. There are benefits and other intangibles that can be desirable. There are many forms of remuneration. For some the best offer may be having the flexibility to strike more balance between their personal and professional lives.

Think About It

Consider the offer carefully. Cover all the angles, then talk to your recruiter to decide whether you want to accept or make a reasonable counteroffer. Trust that when your recruiter tells you. It’s a good deal. Then sign on. When they tell you to pass, turn the deal down.

About On Balance Search Consultants

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at http://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Trends In Law: How To Thrive In The Era Of Disruption

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With the end of the year rapidly approaching, it’s important to understand the legal marketplace and how the trends impact your career in the coming year. In this new era of disruption it’s critical that you routinely assess your career goals. Considering a lateral move in 2018?

PARTNER MOVES BY PRACTICE AREA

Partner Moves By Practice Area (Firm Prospects LLC Dec 2016 – Nov 2017)

 

Below highlights the top markets experiencing the most movement by practice areas. These insights could potentially impact advancing your career in the next year. Let’s take a look:

  • California, New York City, Texas, Florida and Chicago are the top markets for litigation here in the United States. In fact these five markets make up half of all the law practiced in the area.
  • In the era of disruption, not surprisingly New York City is the market for corporate law. That’s not going to change any time soon. Big Law thrives in the Big Apple. 
  • As we rapidly approach the end of 2017, now is the time consider focusing on intellectual property rights. No field is more rife with cyber threats to protect businesses intellectual property. Los Angeles,Manhattan and Washington, DC Manhattan are the top three markets for practicing intellectual law here in the United States.
  • Global market forces and accelerating and new proposed tax regulations make New York City the financial capital of the world and Washington is where all the regulations are enacted. Not surprisingly these two markets comprise the lion’s share of where financial litigation is done.
  • The issue of pay equity between women and men has been garnering a growing amount of attention making litigation from class actions to individual cases—an increasingly common occurrence. California, Texas, New York City and Pennsylvania are the top markets for labor and employment law.
  • Trump administration could spur more real estate activity next year. New York City and Los Angeles are the top markets in law for real estate in the United States.
  • Manhattan is and will always be the financial capital of the world. Business gets done in New York.

Ready to make the lateral partner move? You’ll need to clearly detail how you got to where you are and why the you’re the best. Not sure you are being compensated equitably for your efforts? Have you valued your book of business? Detail how much revenue each client contributes and what verticals have historically been most profitable.

Working with a local legal recruiter can benefit your job search in several ways. Let’s schedule a time to sit down and assess your worth and value in the marketplace.

About On Balance Search Consultants
On Balance offers great insight and industry intelligence.  Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at http://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Confessions of a Legal Recruiter: It’s who you know and how you work it.

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A poor referral source can have personal consequences. The person at the firm, may not be that well regarded. The recommendation may not be taken very seriously at all.

Article published in Above The Law, October 26th, 2017.

Article published in Above The Law, October 26th, 2017.

Have you ever asked your good friend to put in a good word for you? “You work with the Partner, don’t you? Would you mind passing along my resume?”  Your friend may have good intentions, however this may not be the best for your career.

Tell me who you know, how you know them. When the time comes, we’ll use your internal connections to your best advantage.” — Shari Davidson President On Balance Search legal recruit services.  A poor referral source can have personal consequences. The person at the firm, may not be that well regarded. “You don’t really know. The recommendation may not be taken very seriously at all.”— Shari Davidson.

Perception versus reality, how do you know if your friend is actually well regarded within their firm? Do you have all the facts about your friend? Are you really going to put your reputation on the line? Are you 100% sure, your friend is well aligned with the firm? Just because they are a friend, doesn’t mean you know anything about their professional skill set. Maybe you really don’t want their recommendation?

Play it safe. Here are the several reasons you do not want to ask for a referral:

  1. Even with the best intentions, there is no guarantee your friend will pass along your resume along, or follow up with their current employer.
  2. What if your friend feels threatened by you? Truth of the matter is, they may not even pass your resume along. They may sabotage your submittal in subtle ways.
  3. Don’t put your friends in an awkward situation. Don’t ask them to put in a good word for you or bring your resume to their boss. This is totally uncomfortable for both of you. This makes you look desperate. When you don’t get the call, you’re going to question your friendship.
  4. Is your friend in good standing at the firm? If you don’t know you may be doing more harm than good. What if your friend is on the way out? Your resume will likely end up in the trash.
  5. Is your friend the best representative to negotiate terms for hire? You don’t talk about money with friends. Why would you ask them to negotiate for you? No way, you’ve got to be kidding me.
  6. Consider the cost to your friendship!

The best recruiters understand what firms are looking for. The best recruiters navigate the labyrinth of complex hiring process, policies and procedures. The good ones are expert negotiators. They know how to use their extensive network within and outside the firm to leverage the best terms. That are right for you. A good recruiter will identify the right position and law firm whose culture is best aligned with your career goals.

Remember, most of the best career opportunities are never posted. Work with a top legal recruiter, they will help you strategize your next career move.  And when it is appropriate to use your friends name in landing the prefect position.

There are also risks for you to recommend a friend.  Do you really want to refer your friend?

About on Balance Search Consultants

On Balance offers great insight and industry intelligence.  Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at http://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

 

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Confessions of a Legal Recruiter: Do you really want to refer your friend?

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The truth is that people don’t make recommendations any more.  When was the last time you ever made a recommendation for a good hair dresser, a restaurant or a doctor?  Or anything, for that matter? 

Confessions of a Legal Recruiter TM .001

If you want to do a good deed, refer your friend to a trusted recruiter. A recruiter has as much at stake as you do. The recruiter’s reputation is on the line, every time they present a candidate. Work with a legal recruiter who is highly regarded with a track record of successfully placing candidates in firms where all parties are served.

“Your friend may not be the ‘best fit’ for the position. Think about what could go wrong? Don’t do it. It’s not worth it.”— Shari Davidson President On Balance Search legal recruit services.

Do you really know why your friend wants to make a move? Why are they looking in the first place?  Is your friend’s motivation because their current firm has a toxic work environment? Are they being asked to leave by their current firm? Do you know what your friend’s track record is at work? Do you have and know all the facts?  Believe me, I doubt it.

Referring a friend may present a potential conflict of interest at the firm. “Referrals can get messy, it’s not the best way to help your current firm.” — Shari Davidson. What if it all backfires and things go terribly wrong? A poor referral could leave others to begin questioning your judgment. Or commitment to the firm.

Think before you refer your friend where you work:

  1. Don’t take unnecessary risks with your career. Your reputation is everything. It’s all you got.
  2. Why would you gamble on anyone other than yourself? Even the best, don’t always measure up!
  3. What if they wind up out performing you? Did you see that coming? Do they have your back?
  4. Are you part of the strategic planning process of the firm? Do you really know what is going on? Could the partners be downsizing, is your job on the line? Simply, there is no upside to this.
  5. Last but not least, do you want to jeopardize your friendship?

You are taking on unnecessary risk when you refer someone?  You cannot afford to put ‘your reputation’ on the line. It’s complicated. See things from your friend’s point of view. It’s who you know and how you work it.

About On Balance Search Consultants

On Balance offers great insight and industry intelligence.  Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at http://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

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Seal The Deal, Get To What’s Really Important

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A great recruiter get’s to what is most important to the candidate and then seals the deal.

During negotiations many top prospects are lost by not providing the right incentives to seal the deal. There are lots of qualified candidates out there, you need to get the deal done before someone sneaks in and steals the position out from under you.

Seal The Deal

Most law firms make the mistake of looking for a specific set of skills and experience, turning a blind eye to any profiles that fall outside the lines of a pre-determined list of qualifications. Just because everything looks good on paper, doesn’t necessarily equate to a good fit. Work with a recruiter who can read between the lines. A savvy recruiter realizes that important information about the position such as the firm’s culture and the critical requirement must be properly communicated.

A law firm’s best talent can’t always be found in its backyard. Firms are faced with the challenge of finding talent with specialized skills and experience. That’s why today, more and more law firms are looking to broaden their searches.  

Law firms want the best talent and looking for creative ways to bring on the right candidate. It’s important to have all the tools necessary to secure the very best. That’s why legal recruiters and law firms strategies for sourcing top talent needs to be innovative. Relocating a rainmaker from outside the area is one such solution.  

A strong relocating benefit allows recruiters to search for talent outside of the law firm’s region to bring in new blood, that can take the firm to the next level. Relocation is a win-win for high profile candidates and the law firm. (See States That Have Reciprocity)

Recruiting is a creative and intuitive process. A good recruiter spends time getting to know what is important from the candidate’s point-of-view and the law firm’s perspective.  You’ve got to get it right, to seal the deal.

About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, President of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. We pride ourselves in understanding our clients and candidate’s needs. On Balance has an outstanding track record placing strong candidates with high retention rates.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media, legal recruiting and any legal restrictions regarding the law.

To contact Shari Davidson: info@OnBalanceSearch.com  or 516-731-3400.

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Getting Ready To Make The Move: Valuing Your Book Of Business

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Valuing Your Book of Business
Your book of business has real market value— it is time sensitive. Clearly detail your book’s value by client and how much revenue each client contributes. Identify what verticals have historically were most profitable.

Valuing Book Of Business

“Do not wait: the time will never be ‘just right’. Start where you stand, and work it. Use whatever tools you may have at your command.  Better tools will be found as you go along.” ― Napoleon Hill.

“When you begin negotiating your book, all that counts is how well you tell your story,” Shari Davidson President On Balance Search. “Knowing what your book of business is worth—particularly as it grows—gives you that edge. In order to objectively guide you, I will need to know what you want from the onset.”  

Working with a legal recruiter who has the right connections can help get the deal done. From understanding all the legal issues helps in big ways.

Most lawyers spend little if any time understanding what their book is worth and how to increase value. An earn-out arrangement guarantees a minimum level of performance. If the client retention rate drops or the revenue drops, the payout also drops.

A book with lots of recurring revenue brings in more money than a book of transaction-heavy clients. Location is also very important, here in the Metro New York area a book commands much more value than most parts of the country. At big market adds longevity and makes your book stronger.

It’s all about the proper strategic fit between all parties involved. The objective is to increase the value of the business for all parties involved. There has to be strategic alignment and synergy that increases the likelihood for increased profitability. This also applies when parties are coming together in a partnership. There has be value recognition to share resources and capabilities to be on an equal footing. The better the strategic fit, the better the outcome for higher profit.

What to look for when joining a new firm:

  • Strategic Fit: alignment and synergy.
  • Philosophy: How does the new firm do business— conservative versus aggressive
  • Presence: Is your practice well known? Will your clients do business with the new firm
  • Services: Will your scope of your expertise work well in the new business model of the firm?   
  • Processes: What systems does the new firm have in place to capture more marketshare: technology, marketing, network, servicing? 

Your book is only valuable to a firm that can leverage your contacts. It can either be a strength or a weakness, it’s really important to find the right fit. It’s all a matter of telling a story that makes sense.

__________________________________________

About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, President of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. We pride ourselves in understanding our clients and candidate’s needs, On Balance has an outstanding track record placing strong candidates with high retention rates.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media, legal recruiting and any legal restrictions regarding the law.

To contact Shari Davidson: info@OnBalanceSearch.com  or 516-731-3400.

Photo Cred.