The Challenge
The mid-sized law firm faced the critical decision of hiring a lateral attorney, a move that could significantly impact their financial stability. They needed to determine a fair and competitive compensation range while ensuring that the hire would be financially sustainable in the long term. Without a clear understanding of the financial implications, the firm risked overextending their budget or offering a non-competitive package.
The Solution
The firm turned to PerformLaw for their expertise in financial modeling and due diligence. PerformLaw provided a comprehensive analysis that took into account the firm's current financial standing, market benchmarks, and the potential value of the lateral hire. This detailed approach allowed the firm to make an informed decision. They considered other consulting firms but ultimately chose PerformLaw for their deep industry knowledge and tailored solutions. By working with PerformLaw, the firm was able to align their strategic goals with their financial capacity, ensuring a balanced and well-informed hiring decision.
The Results
After implementing PerformLaw's recommendations, the firm gained a clear and detailed understanding of the financial impact associated with the lateral hire. They were able to define a competitive compensation package that was also financially sustainable, allowing them to confidently extend a well-structured offer. This strategic approach not only mitigated financial risk but also positioned the firm to attract and retain top legal talent, ultimately supporting their long-term growth and stability.
