Lawyers are being let go for their inability to develop and cultivate new clients and sustain a book of business. Three of every four partners who have been pushed out reported hearing about their performance problems for the first time when asked to leave (ALM Legal Intelligence, November 2013).
”Firm’s business priorities change, if your firm is moving away from your technical specialty, that’s a wake-up call and you had better start looking,” — Shari Davidson, On Balance Search Consultants. Most law firms don’t provide coaching and training to help transition partners who are no longer relevant at the firm.
The legal business profit structure is changing, law firms no longer need nor can afford a large staff as billable hours for clients for discovery have been absorbed by technology. Advanced software programs now save firms time and expenses to perform the time-consuming work of research for case discovery and evidence. Leaner, cost-conscious law firms now outsource many routine base-level services to cheaper contractors outside the U.S.
Lateral partner hiring, sometimes seen as “buying a book of business”, is one way firms are strengthening their balance sheets. on the rise. Equity and non-equity partners alike who underperform or are no longer aligned with the core business plan are being shown the door without warning.
Churning out long-term partners and bringing in lateral hires creates resentment among the firm’s staff, sapping morale and often scaring off legal talent. To attract talent, law firms need and must maintain internal morale.
On boarding new partners (and groups) is a very important step in the hiring process. Bringing in a top performer and integrating within the firm is critical.
Having a top performer and their team being disappointment within a short amount of time is costly to the law firm and to the new lateral partner (and team). The best legal recruiters work very hard to find the right firm for the candidate and well as source the right candidates for that particular firm’s needs.
“Lateral partners must be able to bring a book of business, but that’s not enough. Candidates must be carefully screened to ensure their skill-set is structurally aligned with the firm’s strategic initiatives and company culture ensuring they’ll thrive and be there for the long-term,” — Shari Davidson.
Plan your next move, consider that nearly a third of exiting partners source their new assignment with a head-hunter (ALM Legal Intelligence, November 2013).
About: On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.
Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.
Contact us today. Call 516.731.3400 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.