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..a lateral hire partner move can be the right thing for an individual and a firm.
As the legal market develops, more and more partners are considering moves away from their current firms. The reasons are varied and include factors such as ability to provide better client service at another firm, better opportunities to cross sell other services which current firm does not have, or just simply for a better remuneration package! As executive search consultants at Jepson Holt, we handle these moves frequently and have a deep understanding of the key considerations for a successful move for both partner and law firm. For such a move to be successful it has to work on a personal, professional and commercial level.
Personal
Does the partner’s personality fit in well with the department and do they value the firm’s culture? Does the partner think that he could get along well with fellow partners and other people in the department. Where possible it is usually worth meeting the team and it is even more important where a whole team will be coming into the department. Often we provide psychometric assessment and behavioural profiling tools to aid firms and individuals assess whether the other is a good “fit”.
Professional
Both partners and firms should think carefully about the impact that the arrival of the partner (and team) will have on the dynamics of the department. Will anyone currently in the department feel that their career prospects will diminish as a result of the new arrival(s). Often firms bring in a new partner which means that a senior associate’s chances of partnership have been greatly reduced in the next couple of years. Then the associate will review their options and look for a move themselves. Often the arrival of a new partner and/or team can disrupt the balance of a department to the extent that a number of people will then decide to leave which destroys the added value of the move and could even take away the main reason for the move (eg. Extra resource/capacity for the incoming partner’s workload).
Commercial
When a firm is considering bringing in a new partner (and team) then it is crucial that the arrangement makes sound commercial sense. Both parties should treat it as a merger of 2 businesses. Accordingly, both parties need to consider whether the partner’s business will cause any conflicts with the firm’s existing clients, whether it fits in with the firm’s and the department’s strategy and plans for growth; whether it enhances the department’s overall service offering and what opportunities it creates for cross-selling the firm’s existing services to the new clients. Is there a potential mismatch is billing rates? It is also crucial that the new business can be adequately serviced by the firm’s existing resources - will it need to recruit extra lawyers, paralegals and secretaries and will it need to review its existing IT and knowledge management systems?
Jepson Holt has an unrivalled capability for handling the issues commonly associated with partner/team moves. Its consultants have is excess of 30 years experience in private practice across a range of firms, including over 15 years of experience at partner level. ....
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