The LPQ or the lateral partner questionnaire is the most daunting step in the due diligence process for a partner moving to a new law firm. It’s an arduous task, don’t delay. Get it done.
Be Honest & Thorough
Do not skip any sections. Do not be vague. Accurately detail any late taxes, bankruptcy, bar discipline, criminal history, malpractice, discrimination claims, and investigations. It’s very important to begin your relationship with your future partnership with integrity and open transparency.
Most LPQs require a minimum of 2 years prior history, and some as much as 5 years. Pulling this information together can be a challenge. Here is a quick list of subjects you will likely address in written or verbal form:
- Bar Admissions
Compensation History & Future Expectations
- Your current employer
- Billable Hours Recorded
- Standard Billing Rate
- Average Billed Rate
- Amount Billed
- Amount Collected
- Tax Returns
- Portability of Clients
Previous Employer History
- References and Reason(s) for Leaving
- Discipline and Sanctions
- Claims and Litigation
- Criminal history
- Malpractice Claims
- Discrimination Claims
- Government Investigations
- Professional Organizations
- Board or Officer Positions
- Pro Bono
- Conflicts of Interest
- Client Financial Situations
- Restrictions / Limitations Based on Partnership Agreements
Value Proposition: Business Plan
Detail your business development plan addressing prospective clients and estimated revenues as well as non-client referral sources, unique skills sets and existing client base. Be sure to include any other information that is relevant or of value to the new partner candidacy.
Hire a Top Legal Recruiter
Don’t lie to me. Don’t inflate or overestimate your book of business. This is the quickest way to sour your new partnership. During due diligence or after being hired, more times than often any inaccuracies in your qualifications and past performance will come up. When time comes to cut back, you’ll be at the top of that list.
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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.
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