Virtually every law firm we talk to is disappointed with the results of their lateral partner hiring efforts. We often hear about good candidates dropping out of the process and ultimately staying with their current firms. While there are many reasons that explain this phenomenon (such as counteroffers, uncertainty about the portability of clients, and a general reluctance to prove oneself all over again), one major factor is the sheer amount of effort required to shift firms. And in particular, many candidates point to the paperwork involved in filling out due diligence forms, particularly if they are being considered at multiple firms.
The time is ripe for the development of an industry-wide “initial” lateral partner questionnaire (or LPQ as it is commonly known), which would encompass the most significant data of interest to all law firms. Information relating to historical billings (both in the aggregate and by major client), billing rate, billable hours, projections of portable practice, and compensation information would certainly be included. Given that firms are requesting LPQs earlier in the process than in the past, this could be completed early on for all firms being considered by lateral candidates. Of course, firms would undoubtedly develop their own supplemental questionnaires, but that could be delayed until there is serious interest on both sides.
This would certainly not be the first time that firms have come together to set up model forms with respect to hiring. Law firms and law schools have had uniform procedures and forms in place with regard to both summer associate and first-year hiring programs for more than 30 years.
Now that firms regard lateral hiring at least as important as hiring from law schools (the recent increase in incoming associate salaries notwithstanding), firms should strongly consider simplifying the LPQ process.
(Firms or candidates interested in receiving a model lateral partner questionnaire that incorporates the most important elements should contact Steve Nelson at snelson@tmg-dc.com.)
TMG’s Take is a regular e-mail advisory produced by The McCormick Group. The company’s Legal, Government Affairs, and Law Firm Management groups combine the expertise of more than 15 Consultants to help law firms fulfill all of their lawyer and administrative recruiting needs. TMG’s Take covers topics across the spectrum of law firm management, including associate and partner compensation, growth strategies, marketing and business development, operations and facilities management, finance and accounting, professional development, and technology. Please direct all inquiries to Steve Nelson, Managing Principal at (703) 841-1700 or snelson@tmg-dc.com.
