Growth Via Lateral Partner Hires
One of the 25 largest firms in Texas, that boasted a 110+ year history, was faced with a very common problem. Many of their key business development partners were within ten years of mandatory retirement age and there wasn’t a strong group of partners behind them to carry the torch.
They retained us on a long-term contract to identify, attract, evaluate and acquire partner level attorneys with more than $500,000 in portable business. These new partners could then infuse the firm with new energy and carry it into the future.
Our team worked closely with the firm on a needs analysis profile. This process included extensive interface with the firm’s managing partner and executive director and also included meetings with the firm’s executive committee. The goal of this process was to identify areas of opportunity and help craft a message that would help our client’s story stand out amongst the crowd. We provided input into the firm’s lateral hiring process, and suggested changes that would make their compensation plan more competitive.
Using the new message, improved compensation and streamlined hiring process, we conducted a concentrated search of the local market working our way through almost 1,200 potential candidates. Each potential candidate was presented with a compelling message about why our client was conducting the search and how each candidate’s practice would fit on our client’s platform. This process led to 17 new qualified candidates interviewing in the first six months of the search.
Within seven months of retaining us, our client was able to hire seven partner level attorneys who brought over $4mm in portable business combined and brought practices including corporate transactions, transactional tax, technology transactions and commercial litigation. These new partners not only brought new business to the firm, but they also served as good stewards to carry forward relationships with the firm’s existing clients.