By Steve Nelson and Ellen Dougherty
Even lawyers are talking about big data, although as usual, the industry is a bit behind other professional services firms. Even so, tremendous strides have been made, particularly with regard to competitive intelligence and lateral partner hiring. Products such as Leopard Solutions and ALM RivalEdge, provide significant detail on who’s moving and how firms are doing, at least with regard to sheer numbers. Yet sometimes forgotten is the most valuable data; the data that virtually every firm keeps with regard to who has been interviewed, who has been hired, and how well each hire has done.
As we recently wrote in an article for Bloomberg BNA, very few firms have done any substantial studies to measure the impact of their lateral recruiting efforts. Such data analytics can help answer key questions about the profile of successful candidates, why firms might be missing out on key candidates, and the relative success of different practice groups.
But embarking on a data analytics program can be a daunting task. The temptation is often to try to gather years of comprehensive data at the outset when a more limited approach might be more effective at the beginning. We suggest the following:
—-Work your way backwards, so that you are gathering and analyzing the most recent information first. Given that lateral integration programs have really only developed in the past three years, it’s very possible that your recent record with regard to laterals will be much different than what occurred in the past, and might be more indicative of where your firm stands.
—-Study key practice groups first. Different practice groups present unique opportunities and challenges. As a result, it’s most critical to get data with regard to areas in which firms have focused much of their growth efforts.
Firms that can incorporate their own data to better inform their thinking about building effective lateral partner hiring and integration processes have a real opportunity to separate themselves from the competition.
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. Ellen Dougherty can be reached at edougherty@tmg-dc.com.
