Ensuring Your Next Lateral Move is Based on Reality, Not Just Projections
Attracting a sought-after lateral partner or group can feel like a major win, promising accelerated growth and new capabilities. The excitement surrounding a potential deal, however, can sometimes overshadow the critical need for objective, rigorous assessment. It's easy to get caught up in "deal fever."
But relying solely on projections or reputation without thorough vetting carries significant risks:
Making a significant lateral hire based more on enthusiasm than objective facts is a high-stakes gamble. It frequently leads to unmet financial expectations, internal disruption, wasted management resources, and hires that ultimately detract from, rather than add to, your firm's success. Your firm's strategic growth deserves decisions grounded in reality.
We start by clarifying your strategic objectives for the hire and collaboratively defining the necessary scope of review – from focused financial modeling based on provided data to comprehensive due diligence. We then deploy targeted questionnaires and data requests to efficiently gather the crucial information needed for analysis from your firm and, where applicable, the lateral candidate or group.
Our experienced team objectively scrutinizes the collected data. We build realistic financial models assessing the potential lateral's likely impact on firm revenue, profitability, cash flow, and existing partner compensation. We analyze historical performance, test the assumptions behind projected books of business, and identify key financial risks or integration cost
We don't just provide data; we provide clarity. Our findings are presented concisely, highlighting the objective analysis versus initial projections. We quantify potential financial outcomes, outline key risks and opportunities identified during diligence, and deliver the unbiased, fact-based insights your firm's leadership needs to make a confident, informed "go/no-go" decision and, if proceeding, structure a realistic and sustainable deal.
Pursuing growth through lateral hires is a significant strategic undertaking for any law firm. We understand the appeal – the potential for new clients, expanded expertise, and accelerated growth is exciting. However, we also recognize the high stakes and real risk involved if enthusiasm overrides objective evaluation. It's incredibly challenging for firms immersed in the potential of a deal ("deal fever") to maintain complete impartiality or dedicate the necessary resources for thorough financial and operational vetting, especially under time pressure. You need an experienced, unbiased partner to help you see beyond the initial projections and assess the opportunity with clear eyes.
PerformLaw provides that essential objective perspective, grounded in deep experience within the legal industry. Since 2003, we have assisted numerous small and mid-sized law firms nationwide in evaluating the true viability and potential impact of prospective lateral hires, from single attorneys to practice groups. Our exclusive focus on law firms for over two decades gives us critical insight into realistic performance benchmarks, common integration challenges, and effective compensation structures specific to this environment. We act as your independent advisors, bringing:
Leverage PerformLaw's objective expertise and proven due diligence process before you make your next significant lateral hire commitment. We provide the clarity, insight, and confidence required to make strategic decisions that truly strengthen your firm's foundation and future.
Initial Consultation (No Cost): We explore your firm's challenges and objectives to understand your specific needs.
Proposal & Agreement: You receive and approve our detailed proposal outlining the precise scope of services and a transparent fixed fee.
Engagement Launch: After initial payment is received, we schedule the engagement and start work
You've seen the critical importance of objective due diligence when evaluating potential lateral hires. You understand the risks of relying solely on projections or getting caught up in the excitement of a potential deal. Maybe you're thinking about the cost of a thorough review against the potential upside of the hire, or wondering if your internal assessment is enough.
But consider the true cost of getting a significant lateral hire wrong:PerformLaw's structured 3-Step evaluation process is designed specifically to mitigate these risks. We provide unbiased financial modeling and rigorous due diligence needed to replace assumptions with facts. Our goal isn't to kill deals but to ensure the deals you make are strategically sound, financially viable, and positioned for genuine success. We empower you to negotiate from a position of strength, grounded in reality.
Don't gamble on one of your firm's most significant strategic decisions. Invest in clarity and confidence before you commit.
Final Call to Action: Ready to ensure your next lateral hire is a strategic success? Contact PerformLaw today to discuss our objective due diligence and financial analysis services. Make your decision based on facts, not just potential.
"Brian and Sean gave me a crash course in firm building, helping me to reframe my thought process and plan my expansion in a more precise manner. I would highly recommend them for firm mergers and lateral hiring."
"PerformLaw assisted us with our business strategy, growth, and compensation plans. They have helped us to grow and transition from a first-generation law firm. Any firm - especially small to mid-size firms - can benefit from working with Brian and PerformLaw."
"PerformLaw is great with the small details while maintaining perspective on the big picture. They have helped us to reduce our firm's overhead and increase profitability."
"Brian is a true expert in the areas of law firm strategic planning, management, and marketing. The legal marketplace is rapidly evolving, and his approach helps firms deal proactively with these changes. Brian has worked with our firm and has done in-house presentations to our lawyers. We have implemented many of his suggestions."
"Brian analyzes potential obstacles to the continued growth of a law firm and creates ways to overcome them. His experience and overall knowledge of law firm management are invaluable."
"For almost 25 years, I have relied on Brian Kennel for providing spot-on financial, strategic, and marketing advice."
PerformLaw offers more than concepts and ideas for improving performance. Our dedicated team provides rich law firm management content to help lawyers and law firm managers make better decisions. Check out our blog and free resources.
Law firm partners and managers need help making management decisions quickly, and they need insightful analysis and business advice. Many suffer from limited access to experienced law firm managers. Their time is short, and without help, decisions are made ad hoc and rely too heavily on instinct. At times they consider outside consultants, but the available options are costly and complicated. PerformLaw developed management support agreements and expertly delivered consulting services to overcome these challenges and provide high-quality business advice to law firms when they need it.
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