Why Some Law Firms Excel at Retaining Laterals
An American Lawyer analysis of top lateral-hiring law firms found that 16 percent of lawyers that jumped to a new job left within three years.
Firms with the worst retention records included Squire, Sanders & Dempsey, which lost 12 out of 39 lateral hires, and McDermott Will & Emery, which lost nine out of 27 laterals. Both firms attributed the lawyer losses to special circumstances. In Squire Sanders case, it lost lawyers after a merger, and McDermott says it lost several lawyers because of a client conflict. Squire Sanders also disputed the accuracy of the figures.
The legal newspaper tracked laterals hired between October 2004 and September 2005 at 27 law firms that recruited the most lateral lawyers.
Two law firms retained all of their lateral hires: Jones Day and LeBoeuf, Lamb, Greene & MacRae (now Dewey & LeBoeuf).
The magazine said firms that retain laterals seem to excel at understanding the lateral’s practice during recruiting, providing professional staff to help in the transition, and monitoring the new lawyer’s progress by mentoring and tracking productivity.
“Firms have discovered that getting new partners in the door is only the first step—getting them to stay is the real trick,” the article says.
Topics: Career & Practice
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