In my recently published article, “The Role of the Managing Partner in Strategic Growth,” published in the July 2024 issue of The Modern Lawyer, I reviewed five distinct areas in which firm leaders play a key role in lateral partner hiring.
- Setting a clear growth strategy
- Articulating the case for the firm
- Building the recruiting team
- The interview and due diligence process
- Ensuring the proper cultural fit.
Among these, articulating the case for the firm is often crucial in terms of attracting and landing top candidates. The perception of many laterals is that all firms “look the same”, so it is imperative that firm leaders develop the true differentiators for their firms. Catchphrases using worn-out terms such as collaborative, collegial, and entrepreneurial just won’t cut it. Instead, here are some places to start.
Awards and Rankings. Attorneys tend to be both analytical and cynical. As a result, unsubstantiated claims about either the firm or its practices tend to be discounted. Instead, pointing to outside, impartial accolades can be effective.
Attributes of the Firm’s Compensation System. Since laterals are extremely concerned about compensation (for obvious reasons), firms need to lean into their approach to compensation in developing their story. Some compensation systems tend to emphasize rainmaking, others value personal billings, and yet others value collaboration. Discussion of the compensation system provides an opportunity to talk about the firm’s values.
History with Laterals. Firms have varying histories and approaches to lateral partners generally. Some white-shoe New York firms, for example, have only recently entered the lateral market, while other firms can with good reason say they were “built on laterals.” Of course, many firms fit in between. No matter the history, testimonials can be very effective in articulating to laterals how well they will fit in at their new firm. This is where the firm can tout its integration program, provide examples of cross-selling, and even demonstrate the opportunity for eventual leadership. Statistical support is essential Moreover, including recent laterals in the interview process can confirm the law firm’s record in this area..
Articulating the case for laterals is not just the responsibility of the firm’s chair or managing partner. Everyone involved in the lateral hiring process needs to delve beneath the surface to come up with the most compelling case for their firms.
Steve Nelson
Executive Principal
snelson@tmg-dc.com
