Essential to hiring anyone at a law firm, especially lateral partners, is clear branding. For example, how does the firm differentiate itself?
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 ...
Lateral partner movement is up, but the jury is still out on how useful laterals are to a firm’s long-term financial health. There is, of course, the role (or lack thereof) of strategic planning and process-design in failed partner acquisitions, but what about the emphasis we put on the value of our employees? So I took a moment to daydream about the perfect firm.
Now that associate retention has firmly established itself again as a management issue at many law firms, upward review programs are not surprisingly back on the agenda. Over the last year or so, the post-recession balance of power has shifted back to the associate body in many law firms. With that shift come renewed calls from associates for the opportunity to evaluate senior colleagues.
In the last blog, we talked about the importance of getting feedback from others on your draft memo. Now that you have some additional insights to incorporate, you’re in the home stretch. After weaving in the feedback you have received, we have two final pieces of advice to consider before hitting ’Send’.
Now that you’ve written your first draft of your memo, you’re more than half way to the finish line. It might be tempting to end the process here and be done with it. Understandable. To ensure that your memo has optimal impact, however, we suggest getting feedback from at least one, if not more sources. Business development can often feel like a lonely journey so why not invite others into your process? This will maximize support and ensure that you’ve approached your memo, both looking back to last year and ahead to the coming year, from as many angles as possible.
Now that you’ve collected the supporting data, that will go into your compensation memo and you’ve analyzed it through a lens of opportunity, drafting or populating the memo should be much easier.
Here are some tips to keep in mind for the drafting phase:
Now that you have had a chance to collect and marinate on the raw data that will inform your partner compensation memo, it’s time to move onto the data processing phase.