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.
The data is consistent and unwavering: despite lateral partner hiring being a cornerstone of law firm growth strategy, unstructured and ad hoc processes around lateral candidate evaluation lead to highly inconsistent returns on (lateral) investment.
What Lessons Can Law Firms Learn From the Corporate Sector?
For years now, the legal sector has been wringing its hands over the perceived flaws in lateral partner hiring as a growth strategy. Anecdotally at least, it seems that as many of the problems with lateral partner hiring result from poor integration as much as they do from poor selection processes.
“Hiring a star should be a well-thought out strategic decision, not a knee-jerk reaction to a perceived opportunity or emergency. Generally speaking, a firm should contemplate hiring a star only to fulfill a specific operational aim: to raise standards or introduce fresh ways of doing business or to fill a critical slot when there is no time to train anyone internally ...