Page 90 - 2019 - Leaders in Legal Business (q)
P. 90
Partners who worked with recruiters were also more likely to review a firm’s financials
before moving than those who moved without assistance.4 For both groups, however, the
percentage doing thorough due diligence before investing their professional future and their capital
in a new partnership was shockingly low.
Keeping the Keepers III: Mobility & Management of Associate Talent, a national study and
report of law firm associate hiring and retention from 2006–2011, includes findings from more
than 22,000 associate hires and more than 17,000 associate departures. The report found that very
few firms anticipated changes in non-partner recruiting budgets or the number of administrative
staff who are dedicated to non-partner recruiting in the near term. At the same time, however, a
significant number of participating law firms (56 percent) reported an expected increase in lateral
hiring.5 The report’s supplemental study of 85 law firm administrators found that search firms,
internal referrals, and online searches or solicitations initiated by the firm accounted for the largest
percentage of lateral hires within the last two years. The majority of firms reported that law school
job postings, external referrals, and unsolicited write-ins each accounted for 10 percent or less of
lateral hires.6
Law firms recognize that while recruiting fees are not immaterial, search consultants can
add enormous value in helping them add senior laterals who can in turn add significant revenues,
expand the firm’s talent and client bases, and bring new energy and vitality. For that reason, lateral
partner hiring is more competitive than ever — e.g., in a recent survey, 96 percent of law firm
managing partners said they viewed lateral partner recruiting as a primary growth strategy.7 To be
successful in implementing that strategy, firms need to be nimble, creative, flexible, decisive, and
visionary (read more specific suggestions for law firms in “To Compete for Laterals — Linger
Not, Partners”).8 In short, law firms and their management teams have concluded that employing
the services of savvy recruiting professionals is a productive allocation of firm resources.
Law Firm Business Management Recruiting
This focuses on business management roles at firms, e.g., chiefs and directors of various
verticals such as operations, finance, business development, marketing, technology, pricing, and
more. The prominence of these professional management positions within law firms has expanded
dramatically in recent years. For example, as clients continue pushing for alternatives to the
billable hour and greater accountability as to how their law firms manage and staff their matters,
there has been a continued interest in the pricing of legal work. Perhaps more importantly, though,
is the realization that “pricing” does not exist in a vacuum, but instead is necessarily dependent
upon solid legal project management (LPM) and more sophisticated practice management.
Consequently, there has been an explosion in the demand for pricing and practice management
professionals who play critical roles in pitching, pricing, and ensuring efficient delivery of the
work.9
4 Id. at 42.
5 Keeping the Keepers III: Mobility & Management of Associate Talent, MAJOR, LINDSEY & AFRICA & THE NALP FOUNDATION, 2014, at 16.
6 Id. at 17.
7 LEXISNEXIS & ALM LEGAL INTELLIGENCE, Oct. 2012, at 21.
8 See Jon Lindsey & Robert Brigham, To Compete for Laterals – Linger Not, Partners, NAT. L. J. (Dec. 8, 2014),
http://www.nationallawjournal.com/id=1202678232309/To-Compete-for-Laterals-mdash-Linger-Not-Partners.
9 These newer positions are typically at the director and chief level, and include such titles as: director of pricing and project management; director
of pricing and profitability; director of strategic pricing & analytics; director legal pricing, practice and profitability optimization; director, global
pricing and legal project management; chief practice management officer; chief practice officer; and department operating officer.
75
before moving than those who moved without assistance.4 For both groups, however, the
percentage doing thorough due diligence before investing their professional future and their capital
in a new partnership was shockingly low.
Keeping the Keepers III: Mobility & Management of Associate Talent, a national study and
report of law firm associate hiring and retention from 2006–2011, includes findings from more
than 22,000 associate hires and more than 17,000 associate departures. The report found that very
few firms anticipated changes in non-partner recruiting budgets or the number of administrative
staff who are dedicated to non-partner recruiting in the near term. At the same time, however, a
significant number of participating law firms (56 percent) reported an expected increase in lateral
hiring.5 The report’s supplemental study of 85 law firm administrators found that search firms,
internal referrals, and online searches or solicitations initiated by the firm accounted for the largest
percentage of lateral hires within the last two years. The majority of firms reported that law school
job postings, external referrals, and unsolicited write-ins each accounted for 10 percent or less of
lateral hires.6
Law firms recognize that while recruiting fees are not immaterial, search consultants can
add enormous value in helping them add senior laterals who can in turn add significant revenues,
expand the firm’s talent and client bases, and bring new energy and vitality. For that reason, lateral
partner hiring is more competitive than ever — e.g., in a recent survey, 96 percent of law firm
managing partners said they viewed lateral partner recruiting as a primary growth strategy.7 To be
successful in implementing that strategy, firms need to be nimble, creative, flexible, decisive, and
visionary (read more specific suggestions for law firms in “To Compete for Laterals — Linger
Not, Partners”).8 In short, law firms and their management teams have concluded that employing
the services of savvy recruiting professionals is a productive allocation of firm resources.
Law Firm Business Management Recruiting
This focuses on business management roles at firms, e.g., chiefs and directors of various
verticals such as operations, finance, business development, marketing, technology, pricing, and
more. The prominence of these professional management positions within law firms has expanded
dramatically in recent years. For example, as clients continue pushing for alternatives to the
billable hour and greater accountability as to how their law firms manage and staff their matters,
there has been a continued interest in the pricing of legal work. Perhaps more importantly, though,
is the realization that “pricing” does not exist in a vacuum, but instead is necessarily dependent
upon solid legal project management (LPM) and more sophisticated practice management.
Consequently, there has been an explosion in the demand for pricing and practice management
professionals who play critical roles in pitching, pricing, and ensuring efficient delivery of the
work.9
4 Id. at 42.
5 Keeping the Keepers III: Mobility & Management of Associate Talent, MAJOR, LINDSEY & AFRICA & THE NALP FOUNDATION, 2014, at 16.
6 Id. at 17.
7 LEXISNEXIS & ALM LEGAL INTELLIGENCE, Oct. 2012, at 21.
8 See Jon Lindsey & Robert Brigham, To Compete for Laterals – Linger Not, Partners, NAT. L. J. (Dec. 8, 2014),
http://www.nationallawjournal.com/id=1202678232309/To-Compete-for-Laterals-mdash-Linger-Not-Partners.
9 These newer positions are typically at the director and chief level, and include such titles as: director of pricing and project management; director
of pricing and profitability; director of strategic pricing & analytics; director legal pricing, practice and profitability optimization; director, global
pricing and legal project management; chief practice management officer; chief practice officer; and department operating officer.
75
