Lateral hiring is a peculiarly difficult business. And there’s no shortage of legal industry commentary to make you think twice about its efficacy as a growth strategy. But let’s assume that despite the frustrations and the doubts, you continue with your hiring.
In a 2013 interview with the New York Times, Laszlo Bock, Google’s Senior VP of People Operations, surprised the HR world by admitting that the way the company had been interviewing candidates for over a decade was severely flawed.
In our first article, we discussed the challenges law firms face in confronting succession issues. In this article, we offer a succession planning outline for firms that are ready to take on the challenge.
A lack of succession planning is a leadership and cultural issue – one that may, at some point, have a significant impact on the stability of the firm. So why do law firms procrastinate taking the issue on, and why does it seem like such a herculean task?
Lawyers may leave a typical training program equipped with a new skill - at least in the abstract sense - but not necessarily with any guidance on how to develop or refine it over time. And, most likely, time constraints mean that a training program design doesn’t allow for learners to practice their new skills. Coaching, on the other hand, enables participants to explore and hone their new skillset through a guided and individualized process.
Law360, New York (June 13, 2017, 5:00 PM EDT) -- Over the last decade the number of lateral moves and the investment that firms continue to make in partner hiring have grown exponentially (a 2015 ALM Legal Intelligence Report estimated $1.3 billion in lateral partner compensation alone in 2014). Despite the expenditure, firms active in the lateral market experience unremarkable success rates (around 50 percent, according to various surveys). Therefore, it is hardly surprising that firms are looking for ways to enhance their rates of return on lateral investments.
Law360, New York (June 13, 2017, 12:21 AM EDT) -- Diligence is a fact of life that cannot (and certainly should not) be avoided. In an M&A transaction, the parties understand that a certain degree of diligence will be requested of both parties. Lateral partner recruiting should be no different, but the differences in the nature of legal practice make performing due diligence on candidates more challenging. Unlike an M&A transaction, a candidate’s practice and relationships aren’t summarized in audited financial statements prepared by an independent third party.
It’s that time of year. Welcome to partner retreat season! In addition to furthering relationships with your fellow partners and hopefully getting some warm weather exposure, annual or semi-annual retreats can add a high-impact jolt to your current business development goals.
Law360, New York (April 4, 2017, 6:52 PM EDT) -- The surveys that report lateral partner hiring as more or less a 50-50 proposition keep being published, and yet the lateral partner market is as robust as ever. So, what are firms looking at to measure their success and justify the level of investment they continue...