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For a long time, it has been assumed that if you want to grow your firm in the current market and capture new businesses, all you need to do is shop around at the competition, hire their most successful team or partners, and voila, job done. Well, you might want to think again. Even though lateral hiring is a tested approach that in theory should bring new clients and increased market share, this strategy might not prove to be the answer you are looking for if your firm does not have the proper processes in place.
Mark Brandon's research, covering a seven-year period, shows some shocking results on the success rate of lateral hires. Fact: at least 32% of hires fail.
In his report Lateral Partner Hiring for Law Firms: Hiring for Success, Mark looks at the complex business of lateral hiring in law firms and sheds a light on how to improve success rates in three clear stages: