A talented recruiter working with a lateral partner candidate must address the following issues with clarity and confidence:
1. State of the Current Lateral Market
A talented recruiter should be able to speak with authority on the current lateral market in your practice area and in your region.
You may or may not be familiar with the current lateral market. Many partners are unfamiliar with the lateral market, as many partners have been with their firms for an extended period of time and have very little experience in job searches at all. Others have some familiarity with the lateral associate market, but not with the partner market. But you know what? It really doesn't matter because your recruiter should be very informed on the nuances of the current market. It is incredibly basic to say ''associate hiring down, partner hiring up.'' The truth is there is always an ''up'' practice, and it is the job of a recruiter to find it and let you know if you fit in it.
2. Process and Timeline of a Search
Your recruiter should be able to explain the search process to you from beginning to end, and answer any questions that you may have.
As many partners — especially more established partners — might be making their first move in quite some time, it is completely understandable that they would be unacquainted with the procedures in a job search. While all job searches are unique, they tend to follow a basic process and timeline. These will vary from firm-to-firm and practice-to-practice, while still following a basic structure.
3. Partner's Motivation for a Move
Your recruiter should be incredibly interested in your reasons for seeking a move. Why? Because a recruiter can only find you a better platform if he or she knows what is lacking in your current position.
As a lateral partner candidate, it is very important that both you and your recruiter understand the motivation for change. Why are you looking for a new home? We hear many reasons for moves, the most common being (1) a desire for a stronger platform, (2) the need for a more entrepreneurial firm, (3) increased compensation, (4) desire for leadership responsibilities, or (5) financial trouble at their current firm. All people are motivated by different factors, and you should be clear what yours are. If you convey those to your recruiter, you'll have a much higher probability of having your desires and expectations met.
4. Book of Business — Preparation and Valuation
Your recruiter should be well-versed in the preparation and valuation of a lateral partner's book of business.
The preparation of a book of business can provide a great amount of angst for lateral partners. A book of business is simply the value of work that you generate each year. It is incredibly important to prepare a detailed book of business that accurately represents your clients and historic billings.
Many partners get overwhelmed by putting this material on paper. Partners are concerned that they will be overstating their book and, ultimately, setting themselves up for failure at their new firm. Books of business are highly speculative and, believe me, firms understand this. Firms make adjustments for adjusting to a new platform and ramp-up time.
Your recruiter should assist you in the preparation of your book of business and help you to accurately reflect your billings. In ''We Were Told You'd Bring Billables,'' my colleague, Dan Binstock, advocates a three-tiered version of billables: optimistic, conservative, and realistic. That way, you have all your bases covered. If you are considering entering the lateral partner market and are concerned about estimating the value of your book, I'd recommend this article highly.
5. Comparable Information on Similar Firms
Your recruiter should be able to provide you with comparable information on similar and not-so-similar firms.
Comparable information can assist a lateral partner in the decision to leave his or her current firm and join a new firm. As a former tax attorney, I believe in the power of data and information. There is so much information available on firms. It is necessary to understand the strengths and weaknesses of a new firm with respect to its competitors.
Your recruiter should assist in providing data on comparable firms. It is incredibly important to make sure that you compare apples with apples. If you have comparable information, this can help you to manage your expectations about compensation and new opportunities.
6. Partner's Marketability
A recruiter must be able to discuss your marketability and focus your search on firms that will be receptive to your candidacy.
A determination of marketability is important for anyone commencing a job search. Although billables are a crucial factor in partner marketability, there are many additional factors that impact marketability. These factors (e.g., potential for business, practice area, geography, affiliations, group movement, etc.) can vary from search-to-search.
There is little sense in submitting a lateral partner candidate with <$1M in billables to an Am Law 20 firm in my region, and a talented recruiter would know that!
7. Assessment of Risk
Your recruiter can help you to assess risk and to make the right decision for you.
I'll admit it. These are challenging economic times for all of us. And attorneys are, by nature, risk-averse. When contemplating a move, it is necessary to assess the risks of a new firm. Is your new firm in good financial shape? Is the firm looking at your acquisition as a long-term investment? Is the firm prepared for there to be fluctuation in the amount of your portable business? If you have all of the information, you can determine if a move is within the range of your risk appetite.
Conclusion
There is a brisk market for lateral partners right now and lateral partners should assess whether a lateral move makes sense for them. If so, find a talented recruiter who understands your business and motivation who can manage your expectations and help make your job search a very pleasant and exciting experience.
About Harrison Barnes
Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.
With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.
Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.
Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.
One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.
One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.
Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.
In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.
Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.
In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.
About BCG Attorney Search
BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.
Harrison Barnes does a weekly free webinar with live Q&A for attorneys and law students each Wednesday at 10:00 am PST. You can attend anonymously and ask questions about your career, this article, or any other legal career-related topics. You can sign up for the weekly webinar here: Register on Zoom
Harrison also does a weekly free webinar with live Q&A for law firms, companies, and others who hire attorneys each Wednesday at 10:00 am PST. You can sign up for the weekly webinar here: Register on Zoom
You can browse a list of past webinars here: Webinar Replays
You can also listen to Harrison Barnes Podcasts here: Attorney Career Advice Podcasts
You can also read Harrison Barnes' articles and books here: Harrison's Perspectives
Harrison Barnes is the legal profession's mentor and may be the only person in your legal career who will tell you why you are not reaching your full potential and what you really need to do to grow as an attorney--regardless of how much it hurts. If you prefer truth to stagnation, growth to comfort, and actionable ideas instead of fluffy concepts, you and Harrison will get along just fine. If, however, you want to stay where you are, talk about your past successes, and feel comfortable, Harrison is not for you.
Truly great mentors are like parents, doctors, therapists, spiritual figures, and others because in order to help you they need to expose you to pain and expose your weaknesses. But suppose you act on the advice and pain created by a mentor. In that case, you will become better: a better attorney, better employees, a better boss, know where you are going, and appreciate where you have been--you will hopefully also become a happier and better person. As you learn from Harrison, he hopes he will become your mentor.
To read more career and life advice articles visit Harrison's personal blog.
