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Lateral Partner Move

Lateral Partner Move

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Lateral partner moves occur when law firm partners seek a new position, typically with another organization. While a lateral move may benefit the person moving jobs, it can sometimes leave your law firm with a gap both in revenue stream and in headcount. Learn why partners make lateral moves and how you can work with Collier Legal Search to find a qualified replacement candidate. Why Make a Lateral Partner Move? There are many reasons a partner in a law firm might make a lateral move. Common reasons for partners to leave their current position include: Long-term client portfolio growth and rate and retention of client base. Moving to a new firm might create better rates, leading to better client portfolios and networking opportunities.  Improved infrastructure. A new firm may offer a proven, stable structure with strong support systems and people in place. Current work culture. If the work culture at a partner’s current position isn’t the right fit, they may leave to find a more suitable culture fit for improved mental well-being and increased productivity. Growth opportunities. A new firm may provide better growth opportunities than the current firm regarding advancement or personal fulfillment. A better work-life balance. While work-life balance can be difficult for lawyers, the firm culture, location of the firm, and any family commitments can impact that balance. While work-life balance looks different for each person, a firm that offers better opportunities to achieve that balance will help with long-term mental health and work satisfaction. Growth in Texas Over the past several years, Texas has gained national attention for its quickly rising population. Making a lateral move to a firm in Texas could create new opportunities for lawyers for the following reasons: Job opportunities due to business growth. The Texas hiring market shows no signs of slowing down. Firms are hiring partners in many areas including litigation, banking and financial services, capital markets, intellectual property, health care, and bankruptcy. Lack of state income tax. Texas has no state income tax, so partners who move can expect to keep a higher portion of their pay. High-paying jobs. Texas also offers plenty of jobs with higher salaries. Relatively lower cost of living. Depending on the partner’s current location, Texas offers a lower living cost than many other metro areas. Retention Retention is a significant factor in lateral partner moves. Between April 2021 and 2022, top law firms hired nearly 404 lateral partners. When a partner leaves your firm and you begin searching for a new candidate, consider the following factors to attract and retain top talent: Offer performance-based raises. Present a work culture that makes lawyers feel included and visible and ensures they will be treated in a friendly and respectful manner. Make clear opportunities for career progression, advancement, and professional growth. Focus on the social governance factors by hiring and cultivating a diverse gender, race, and ethnicity workforce. Interviewing with Due Diligence When interviewing for a lateral partner move, it’s wise to adopt an organized due diligence approach for the process. Beyond gathering information about work product, clients, and rates, due diligence may also include focusing on specific aspects of the move, exploring competing interests of the candidate’s former law firm, and recognizing appropriate transition steps. What to Focus On When interviewing, due diligence includes focusing on key issues for your law firm and the partner candidate. Obtain information from the candidate regarding reasons for their move and job history. This data can help you determine if they are a good fit for your firm. During the interview, ascertain the candidate’s skill set, personality, and client experience. Discuss their future goals to assess their development potential. Consider economic and profitability questions such as what salary and benefits they expect and how their addition to your firm may boost or hinder profitability. Competing Interests Due diligence during the interview process also includes addressing competing interests and the ethics of bringing on the lateral partner. Consider issues such as: Both law firm’s operating agreements Pre-departure/incoming notice to clients Pre-departure solicitation of clients, colleagues, or staff Joint notices and ballots have been sent to clients Appropriate Transition Steps Due diligence can mean taking the appropriate steps to transition a new partner into your law firm and supporting them in taking proper transitional actions at their former firm. For example, plan for a length of transition and start date that honors their prior commitments with the other firm and inform their colleagues. Announce their hiring early at your firm so staff can prepare for a new addition. Collier Legal Search Can Help Navigate a Partner Lateral Move If a partner at your firm makes a lateral move, work with Collier Legal Search to navigate the change. We offer legal recruiting services that can match you with skilled candidates that can step in and help your firm as you make the transition to a new partner or fill the role permanently. Contact Collier Legal Search to learn more about our recruiting process and how we can help you along the way.

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Filling The Gap Between Experience & Availability

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The rise of corporate litigation, stemming from the COVID-19 pandemic, created a corporate law attorney shortage in the U.S. This shortage is more significant in Texas because several big corporations now call the state home. With many law offices and in-house corporate attorney positions available, businesses are looking for qualified candidates. Explore the corporate law attorney shortage issue and find out how Collier Legal Search can help fill the gap between experience and availability. The Rise in Corporate Litigation Post-Covid In the wake of COVID-19, a rise in corporate litigation has swept the legal industry. Issues put on hold during lockdowns are moving ahead quickly. Also, new concerns that arose directly from the COVID crisis are being brought into litigation. Issues include: Data privacy issues Commercial disputes Bribery and corruption Business interruptions brought on by COVID Fraud Bankruptcy Contract disputes The rise in corporate legal issues has caused a spike in in-house litigation hiring and spending to keep up with demand. In addition, there is a demand for outside legal representation in corporate matters by businesses involved in litigation. Big Business in Texas The corporate attorney shortage is hitting Texas business hard. Several big-name corporations have recently moved their headquarters to the Lone Star State to take advantage of our excellent quality of life. The steady climate, favorable income tax laws, low cost of living, and access to global markets with well-developed infrastructure are attractive. The list of companies that have made Texas their home include: Oracle Hewlett Packard Tesla Dropbox 8VC Firetrail Amazon Named the Best State for Business by the country’s top CEOs for the 17th year in a row, the emerging corporate landscape has shaken up the Fortune 500 lists in major Texas cities. Now, the big players include information technology companies along with oil and gas corporations. Rising Demand for Corporate Law Attorneys While corporate growth is positive for the Texas economy, it has created challenges in the legal sector. With the national increase in corporate litigation cases, Texas has a shortage of corporate law attorneys. The shortage, which began before COVID-19 in Texas, has grown with the pandemic. The corporate growth of the Houston and Dallas metro areas has led to many businesses searching for legal candidates to handle the increase in legal litigation. Lack of Experienced Corporate Law Attorneys It isn’t just the number of corporate law attorneys that is lacking; it is the experience required to handle the complex corporate litigation required by big-name players. Mergers and acquisitions within the oil and industry sector are creating the need for highly skilled corporate law attorneys in large numbers. Many corporations look to grow their in-house corporate law staff, while others look to outside law firms. Although the number of local attorney firms is growing, it has not yet caught up to the rate of its corporate counterpart. Reports estimate that the available number of lawyers has stayed relatively stable since the Great Recession in 2008. Many in the legal field feel that since 2018, the legal need in Texas has grown rapidly, almost overnight, leaving a gap between the availability of lawyers and their expertise, especially in high-stakes corporate law. Filling the Gap Between Experience and Availability To fill the gap between the shortage of corporate law attorneys for businesses in Texas and available, experienced candidates, companies can utilize the services of Collier Legal Search, a full-service legal recruiting agency that pairs you with experienced candidates. Our team of former legal assistants, paralegals, trial attorneys, and entrepreneurs understands the importance of meeting your company’s specific legal needs, as well as how to assess candidates for corporate law positions. If you cannot find a corporate law attorney to represent you, work with Collier Legal to find a placement to handle your cases with legal expertise. Find out how Collier Legal Search can help you find a candidate to meet your needs. Collier Legal Search Connects Attorneys and Businesses Collier Legal Search connects your business with qualified corporate law attorney candidates, so you are covered for all your legal needs. We have built a network of experienced legal candidates to find you the right person. Contact Collier Legal Search today to get started.  

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Practice Areas with a Surge in Business

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As 2020 comes to a close, law firms are anxiously trying to strategize for the coming year. The legal industry will continue to be dominated by issues brought on by the pandemic, the election, and uncertainty in the economy. Here are some practice areas where legal experts predict growth in 2021 and beyond:   Labor and Employment Employment litigation has seen an uptick in business since the early days of the pandemic. At the outset, attorneys saw an influx of work from companies forced to implement layoffs, pay cuts, and furloughs. As the year wore on, there was an increase in lawsuits and class actions stemming from violations related to the coronavirus. Demand also grew from clients that needed counseling on compliance and new employment policies. As the end of the pandemic is in sight,  a lot of work has shifted to advising clients on reopening their businesses and offices. Complex Commercial Litigation Contracts across all industries were affected when the economy ground to a near stop. Events, orders, projects, and sales were postponed or canceled. Every cancellation in the chain impacted other contracts, causing a domino-effect of defaults. Predictably, lawsuits, and countersuits quickly followed. The more entities involved, the more complex the case. Attorneys and support staff specializing in complex commercial litigation are needed to handle the unprecedented, intricate matters that businesses now face. Commercial Real Estate COVID-19 sent shockwaves through commercial real estate markets. State orders forced many businesses to close, which required white-collar workers to begin working at home. Office buildings, retail centers, hotels, and industrial parks felt the pinch when tenants lost revenue streams and could not pay their rent. Landlord-tenant disputes and real estate litigation continue to keep attorneys busy. Legal expertise is also sought by companies that are renegotiating, downsizing, or renewing leases. Bankruptcy/Restructuring According to the Southern District of Texas bankruptcy court, Houston is one of the busiest Chapter 11 bankruptcy courts in the country. The first half of 2020 saw more Texas corporations file for bankruptcy than in any six-month period in the state’s history. Every sector is affected, from energy to retail to airlines.  Business analysts predict the tidal wave of bankruptcies and restructurings will continue throughout most of 2021. Bankruptcy and restructuring lawyers representing debtors, creditors, equity interest holders, and other entities have their work cut out for them. Insurance When a crisis hits, companies turn to their insurance policies for support. Insurance attorneys review the claims and insurance contracts, then advise whether there is coverage for the event. Litigation is often initiated when the coverage can’t be resolved. Insurance attorneys have also seen increased work from business owners that want to review their insurance policies to ensure adequate coverage for pandemic-related claims. Insurance litigation surrounding COVID-19 claims will be impacted by state and federal legislative efforts and decisions. Healthcare Houston is home to the world’s largest medical center and boasts a dynamic healthcare industry. Healthcare attorneys represent clients in all industry segments, including hospitals, institutional providers, physicians, research organizations, pharmaceutical companies, and device manufacturers. The Post-Covid healthcare landscape, coupled with a new presidential administration, promises to bring significant changes that will generate considerable work for law firms and in-house counsel. Collier Legal Search is a full-service legal staffing company.  We place well-credentialed partners, associates, and legal professionals at every level in law firms and corporations. Our experience, connections, and unique approach to building our candidate database deliver consistent results that clients can depend on. We are committed to the success of our clients and our candidates.  Find out what we can do for you. Contact us at 832-239-5253.

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Boutique Recruiting Firms Bring Big Results

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Is your firm or legal department seeking specific expertise to handle post-coronavirus-related work? Industry and business experts anticipate high demand for certain practice areas and a surge in specific types of cases including: Litigation disputes regarding contractual obligations Insurance-related disputes Bankruptcy/insolvency HR disputes Boutique recruiting firms may offer the best solutions to finding the right talent in the current environment. The nation is still grappling with physical and logistical restrictions forced by the pandemic. Offices are in varying states of reopening, and the job market remains uncertain. From interviews to onboarding, social distancing has changed many aspects of recruiting and hiring. A smaller legal staffing firm can react quickly and adapt to the shifting landscape. Here are some areas where a smaller staffing firm has an advantage over large corporations: Agile and Flexible Smaller staffing firms do not have layers of bureaucracy or corporate directives from out-of-state headquarters. Unlike large staffing agencies, smaller boutique recruiting firms do not pass projects or candidates through numerous departments. Decision-makers are local, and they act on information quickly. With their smaller, more experienced staff, boutique firms are agile enough to recruit, screen, and place candidates without waiting for executive decisions or administrative assistance. Single Point of Contact When working with a smaller staffing firm, customers and candidates are more likely to deal directly with a single point of contact. With many people working remotely or on staggered office schedules, finding the correct contact person at a large staffing organization can be a daunting task. Smaller firms emphasize relationship-building over quantity and quotas. Professionals at a smaller firm will have a personally vested interest in learning more about their customers and in the long-term success of every placement. Better Candidate Pool Staffing firms, as an ethical rule, do not recruit candidates from their clients. A large firm may have a long and impressive client list. However, that list represents all of the places that are off-limits to new searches. Therefore, there is an impact on their pool of candidates and recruiting strategies. Smaller firms may not have a Fortune 500 list of clients, but they have much greater flexibility in approaching potential new hires. In-depth Knowledge The right placement is not just about finding someone with the right skills and experience. It is critical to partner with a staffing professional who understands the firm’s culture, personalities, and specialized needs. The current situation is unique because law firms and legal departments need to find talent that can start immediately, work remotely, and succeed with minimal training. Large staffing firms do not typically focus on this type of profile. A smaller staffing firm will take the time to learn the finer details and find a candidate that is the best fit. Collier Legal Search is a full-service legal staffing company. We place well-credentialed partners, associates, and legal professionals at every level in law firms and corporations. Our experience, connections, and unique approach to building our candidate database deliver consistent results that clients can depend on. We are committed to the success of our clients and our candidates. Find out what we can do for you. Contact us at 832-239-5253.

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Implementing Temp to Perm successfully

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Utilizing a temp to perm hiring opportunity is resourceful. Temporary or contract workers are a valuable source of talent for law firms and hiring from temp to perm position can be resourceful. A temporary or contract worker can fill in short term vacancies, such as when an associate or paralegal is off on maternity or medical leave, they can bring in expertise on a particular practice area, and they can be hired to handle volume increases related to new casework. Lawyers, in particular, are uniquely suited to temporary or contract work because they are trained to quickly analyze a situation and act accordingly. In contrast to temporary or contract workers,  a “temp to perm” employee is brought on to work for a predetermined period, during which time the firm decides whether to offer a permanent position to the employee. With the failure risk as high as 50% for new hires, temp to perm has gained popularity among hiring managers as a way to reduce the risk of a bad hire. Benefits to law firms include: Enables partners time to observe attorneys and legal support staff to see if they are a fit for the firm’s workload and culture. Avoids wrongful termination and unemployment costs – With a temp to perm arrangement, there’s not a guarantee that the position will become permanent. Therefore, the employee is not eligible to claim wrongful termination or file an unemployment claim against the law firm. Reduces the cost of administration and benefits, since these are all covered by the staffing agency until the worker becomes a full-time employee of the law firm. Here are some things law firms should consider when implementing a temp to perm hiring strategy: Pick a reasonable timeframe for a temp to perm trial period. Too long and the candidate may pass up your firm. Too short and you won’t get a good idea of the fit. Confirm the time period with the staffing service and have them explain this to the employee prior to their start, so everyone is clear of the guidelines. Treat temp to perm workers just as you would a permanent employee, providing them with the support, training or resources they may need to perform their duties. Introduce them to the partners, associates and support staff that they will be working with. Include temp to perm workers in firm-wide initiatives such as training and team building. This will give them the opportunity to demonstrate their skills and align with the firm’s culture. Have a transparent process in place to ensure that the firm is being fair. If the firm exhibits a constant cycle of letting workers go before they reach permanent status, the firm’s reputation will suffer, and it will be increasingly difficult to attract quality candidates. If there are any issues, ask the staffing service in to deliver the information. Until the worker becomes a permanent employee of the firm, the staffing service can manage the temporary employee for you. Full-Service Legal Staffing You Can Depend On Collier Legal Search is a full-service legal staffing company that specializes in placing well-credentialed partners, associates and legal professionals at every level in law firms and corporations. Our experience in the industry and our unique approach to building our candidate database consistently delivers results that clients can depend on. We are committed to maximizing success for our clients and our candidates.  Contact us at 832-239-5253 to give us the opportunity to work with you.

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Grow Your Firm in 2019

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Adding a legal staffing firm can help grow your firm. After a year of robust growth, many law firms are uncertain about what the coming year will hold. The increasingly fast pace of business, whip-lashing market movements and overall volatility has left many firm partners and managers scratching their heads about their 2019 hiring plans. Adding a legal staffing firm to your business strategy can help control expenses and manage unpredictable staffing needs. Whether your firm anticipates just a few specific hires or a sizeable contingent of contract attorneys, here are some ways that a staffing company can help you grow your firm while controlling the budget: Reduce the Cost of Hiring The cost of recruitment can exceed thousands, if not tens of thousands of dollars per employee. Much of that expense is the time that can’t be billed to clients because they are consumed with discussing the opening, placing advertising, screening, interviewing, re-interviewing, background checking – and then repeating the entire process over again. A legal search and staffing firm can return these billable hours to the firm by allowing the partners to focus on the business of law. Reduce Training and Onboarding Costs Training and onboarding are expensive and time-consuming endeavors. By employing attorneys who have already been identified as skilled and qualified for your firm’s particular needs, you can significantly reduce training costs and improve productivity. Some staffing firms can even create a tailored orientation and training program for new hires. Build Up or Scale Down Quickly For law firms, a complex case can suddenly necessitate additional attorneys and support staff. Conversely, when a significant case ends, there may not be enough work to go around. Through regular communication with your staffing partner and strategic use of contract attorneys and support staff, these transitions can be made smoothly. Control Benefits and Administrative Costs Benefits can cost 25% – 30% over payroll expenses. For workers contracted and paid through a staffing firm, those expenses fall to the staffing firm and not the law office. By utilizing temporary staff instead of direct hires,  you can transfer the costs associated with processing and administering payroll from your organization to the staffing firm. Protect Existing Staff from Burnout Many law firms have “down-sized” and “right-sized” to the point that associates and legal support staff are pushed to the limit. Partners expect staff to produce more with fewer resources. Additional contract attorneys will help your staff avoid burnout, reduce the cost of defects, avoid productivity losses, and limit turnover expense. Damage Control A bad hire can cost you several times the employee’s annual salary. A temporary employee can be vetted to see if they fit the corporate culture before making a final permanent hiring decision. Prevent Unemployment Claims Contract attorneys and staff are technically employed by the staffing partner—not the law firm. Consequently, any unemployment claims won’t reflect on the firm. Collier Legal Search is a full-service legal staffing company that specializes in placing well-credentialed partners, associates and legal professionals at every level in law firms and corporations. Our experience in the industry and a unique approach to building our candidate database will deliver dependable results. Let us help you grow your firm in 2019.  Contact us at 832-239-5253.

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What’s Ahead For Law Firms in 2019

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Here’s what to expect for law firms in 2019. 2018 was the best year in a decade for revenue growth, and U.S. law firms can expect to see another year of steady growth in 2019, according to a recent report from Citi Private Bank’s Law Firm Group. The report, based on surveys of nearly 200 American law firms,  found that revenues grew an average of 6.3 percent in the first three quarters of 2018, far exceeding the growth rate from the same period of the previous year. Most of the revenue increases were at firms occupying the largest and smallest ends of the spectrum, with mid-sized firms being squeezed. The report anticipates the following shifts to the legal landscape in the coming months: Even more consolidation in the middle 2018 was the busiest year on record for law firm mergers, and 2019 will likely see a lot of activity among mid-sized firms. The mergers will probably be larger firms acquiring mid-sized firms as well as mid-sized firms seeking merger partners. Right-sizing may finally be paying off – After several years of right-sizing their practices, streamlining operations, consolidating duties and developing new revenue streams, many firms are reaping the rewards with increases in revenue growth and a more agile staff. Firms will continue to explore ways of maximizing potential through innovative staffing. The majority of firms reported that they planned to increase their temporary/contract personnel and two-thirds said they would increase their ranks of permanent low-cost employees. Partner retirements require better succession planning –  With more baby boomers retiring, law firms need to anticipate the challenges caused by the departures. Firms must proactively transition the client relationships or risk losing clients to other law firms. The more a firm engages with a client before a partner retires, the more likely it is that the client will remain with the firm. Many firms incentivize this transition and tie retirement benefits to the successful development of their former clients. Evolving skills and characteristics of associates The skills and attributes demanded of today’s associates go beyond strong technical skills, but also include the need to be business-minded, creative thinkers, with project management skills. Most law firms are seeking candidates who are entrepreneurial and commercially savvy, and able to integrate technology into the delivery of legal services. Changing aspirations of associates A surprising percentage of associates no longer aspire to be equity partners. Instead, many would prefer to pursue an array of different career and lifestyle alternatives. Ironically,  the possibility of achieving equity partner is likely to increase over the next few years as retirement numbers outpace hires. More alternative fee arrangements The shift toward alternative fee arrangements (AFAs) is growing at a rapid pace and is primarily driven by client demand. In 2017, survey respondents reported that AFA represented nearly 19 percent of firm revenue and the number continues to increase. Looking forward, law firm leaders believe the shift towards AFAs will continue with zero survey respondents anticipating a fall in AFA usage. Firms will continue to maximize the use of contract attorneys, legal support staff and technology to deliver competitively priced services to clients. To see the full report, click here.

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