For a long time, it has been assumed that if you want to grow your firm in the current market and capture new businesses, all you need to do is shop around at the competition, hire their most successful team or partners, and voila, job done. Well, you might want to think again. Even though lateral hiring is a tested approach that in theory should bring new clients and increased market share, this strategy might not prove to be the answer you are looking for if your firm does not have the proper processes in place.
Mark Brandon's research, covering a seven-year period, shows some shocking results on the success rate of lateral hires. Fact: at least 32% of hires fail.
In his report Lateral Partner Hiring for Law Firms: Hiring for Success, Mark looks at the complex business of lateral hiring in law firms and sheds a light on how to improve success rates in three clear stages:
- Planning for partner hires
- The hiring process
- Integrating partner hires
Key aspects of this report:
- The report contains industry-leading research and analysis into lateral partner hiring
- The report includes financial workings to help firms calculate lateral hire break-even
- Information on how to work with external recruiters and internal HR and Business Development teams to ensure lateral hire success.
Lateral Partner Hiring for Law Firms: Hiring for Success gives practical advice on how to make successful lateral hires, as well as providing insight into wholly original and never-before-published research. It is no secret that since the financial crash, legal revenues have flattened out, and with increased competition from outside the UK and new business models, getting lateral partner hiring right has never been more important.
Chapter 1: Market background, a few facts, a bit of theorising
Chapter 2: Planning the hires
Chapter 3: The hiring process
Chapter 4: Making the hire work economically
Chapter 5: Post-hire complications
Chapter 6: Holistic hiring: A new paradigmCheck our Executive Summary and full table of contents here