Performlaw Blogs

Getting Lateral Hiring Right at Your Law Firm

Posted by: PerformLaw on June 5

Lateral hiring offers law firms the opportunity to bring in new clients and new revenue.  However, with these potential rewards comes significant risks. Research has shown the costs to acquire a lateral candidate, along with their failure rates, to be very high.   

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Steps to Successful Lateral Hiring

Posted by: Brian Kennel on March 18

Apart from the non-financial factors (reputation, cultural fit, conflicts, strategic benefits, etc.), law firms should carefully analyze the financial implications of a possible lateral transaction.When considering a potential lateral hire, firms should efficiently address the following issues:  

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Safeguards for Admitting Laterals (Part 2)

Posted by: Brian Kennel on March 8
****** READ PART ONE OF THIS SERIES:  Safeguards for Admitting Laterals (Part 1) *****

Workload Distribution and Revenue per Hour

 

In a lateral transaction, the impact on average revenue per hour has limited meaning.  In other words, it is highly unlikely that the current partners are going to raise or lower their billing rates as a result of a new lateral admission. An opportunity cost likely exists if a lateral transaction employs all of the firm's current excess capacity or available capital. The impact on the average rate per hour only becomes relevant when it directly or indirectly impacts current revenue streams.

 

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Thinking Laterals Are the Answer?: Opportunities and Struggles,Part 1

Posted by: Brian Kennel on August 1

The Opportunities and Struggles: PART 1

 

It is indisputable that lateral hiring is at the top of nearly every firm’s wish list. Some even view it as their top business development strategy. This strategy, whether conscious or not, relies on the premise that it is easier to hire a client’s existing lawyer than it is to procure a client through a direct business development effort.

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Lateral Attractions

Posted by: Brian Kennel on January 28

 

 

Lateral hiring normally makes the top 5 list of priorities for law firms desiring growth. Some firms follow a process for lateral hiring and believe that preserving their culture and values are paramount in these transactions. Other firms believe that it is more important to break down entry barriers and seek laterals at an expedited pace.

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