In years past once partnership was achieved at a given firm, partners were loath to subsequently move to pastures new for reasons of loyalty or otherwise. In recent years however, as the legal profession has further matured, lateral hiring is the key method by which a law firm can build their brand in targeted areas.
LPA Legal Recruitment advises that recruiting “name” partners – those listed in legal journals for being experts in their specific field – shows the firm is able to bring the best performing partners to the discussion and builds up trust and goodwill in potential candidates.
There are a number of methods by which these name partners can be recruited (named or generic advertising, database search and retainer) and it is important to be selective according to each lateral need. LPA highlights that if the requirement is very specific and the target is small and specialist, then search may be the best method. The search firm targets all known named individuals in the area of expertise. Typically, an upfront fee is paid, encouraging the search agent to spend a significant amount of time understanding the firm and the motivation behind the hire. The result is a bespoke, targeted approach to the role which, whilst a potentially lengthy process, will in most cases result in the right placement being made.
As for other methods of lateral recruitment, the search agent will be unable to recruit from firms with which it has agreements. You should ensure there are similar agreements in place to protect your firm from the search agent poaching your lawyers.
Anil Shah, Managing Director, LPA Legal Recruitment was quoted in "Strategic lateral hires for law firms", edited by Tina Lofthouse, published by Managing Partner in association with Ark Group, 2008.