ACCELERATOR 2 

Maximize Investment in Lateral Hires

THOUGHTS

Why do some laterals quickly become part of a firm while others, equally talented, never quite realize the promise both the firm and the lawyer saw in the move?

Here’s another question I think about a lot:

02

There are laterals and there are laterals. And there are firms and there are firms. Both enter this new beginning with expectations and aspirations, some articulated, others simply assumed.

The firm wants to capture the revenue potential it saw in the move. The lateral wants a vibrant, successful practice in a firm where people work together to create opportunities.

Dynamic meshing makes both possible. Bring together the lateral’s strengths, relationships, resources, and aspirations with the firm’s priorities, people, resources, and direction, and the potential expands.

Here are six approaches I’ve found critical.

STARTING POINT

A lateral arrives with unfinished commitments, opportunities, questions, and concerns competing for attention. A Beginning Strategy captures what is active, establishes priorities, and clarifies what needs attention now.

REVENUE ACTIVATION

Revenue opportunities exist from day one. Identifying, documenting, and tracking relationships with current or future revenue potential keeps them visible and makes them an active part of the lateral’s rainmaking strategy.

INTERNAL CONNECTIONS

People are the stewards of opportunity inside every law firm. Mapping the relationships a lateral has or wants to develop makes the important people visible and gives the lateral a clearer way to build those connections.

RESOURCE LEVERAGE

Firm resources are muscle behind a lawyer’s ability to generate revenue. Business development, marketing, research, pricing, technology, and other resources become far more useful when the lateral knows what is available and how to put it to work.

IMPLEMENTATION PLAN

Soon after arrival, laterals are often overflowing with opportunities, ideas, projects, and expectations. A concrete plan answering “What should I do when?” creates a sequence for what happens now, next, and later.

INDIVIDUAL COACHING

A trusted outside coach gives the lateral confidential space to think through experiences, opportunities, and challenges. Work with a coach can sharpen choices, accelerate action, and uncover new ways to leverage the lateral’s experience and relationships.