Lateral Hire Retention and Success – where MDB meets HR?
The big question of the value of lateral partner hiring has raised its head again.
We’ve seen stats that show that 1 in 2 lateral partner hires could be the biggest $multi-million waste of money and time, since the ill-fasted movie Reds.
According to research from Decipher Intelligence…
- 48% of laterals leave their new firm within 5 years.
- 62% of laterals fail to bring their promised book of business.
- 35% of laterals fail to integrate with the firm’s culture.
Where do the issues lie? In many places it seems. Is recruitment working as well as it should – and expectations being set out clearly? How are laterals being integrated into the firm? And what is it about law firm culture that partners regularly feel ‘organ rejection’?
We will be looking into this in more detail in coming months – and exploring the brand and cultural issues. If you have any answers, please do shout. We’d love to feature some best practice.
Are law firms leading the way in social mobility?
There are more law firms in top 20 of the Social Mobility Index than days in the week.
Browne Jacobson, Linklaters, Clarion Solicitors, Addleshaw Goddard, Osborne Clarke, NRF, DLA, Slaughter and May, Freshfields, Weightmans and Clyde & Co.
Great to see the legal sector picking up this mantle – and hopefully it will turn promising trainees and associates into the partners of the future.
Mishcon show that advertising isn’t dead for law firms
It was lovely to see Mishcon’s ad campaign hit the streets in recent weeks – on billboards, in publications and also in partnership with The Economist.
At a recent conference, Elliot Moss (Brand Partner at Mishcon) revealed how they can show incredible ROI from advertising. 8 to 1 return – if not higher…
They are certainly finding their edge!!
Wonder if this will make firms think more about advertising rather than just focusing on thought leadership.
