Whether for higher pay, to gain access to new clients or purely for career development, a lateral move is something that, if handled correctly, is positive for the lateral partner and the firm they join.
Often, a lateral move will be initiated by a firm looking to grow or develop a particular practice area. In other cases, the move will be prompted by a lawyer looking for better opportunities. Either way, there are some vital steps that legal professionals need to take before making a lateral move.
Why you need this masterclass
If you are a legal professional who is planning a lateral move, or you think this is something you may be interested in doing in the future, this masterclass is for you. We will take you through everything you need to know about lateral moves, step by step. At the end of the series, you will receive our free outline business plan, a tried and tested plan that has been developed and refined over many years.
At Jepson Holt, we have managed hundreds of partner lateral moves over the years, advising firms on the search process and advising individual lateral partners on the market opportunities we see for them, as well as the preparation and presentation of their business case.
Why a business plan is necessary
Law firms are not likely to take a chance on a potential partner wanting to initiate a lateral move without evidence; rather, they will require that lawyers prove their ability to deliver client revenue. To do this, you will need to develop a business plan demonstrating to the firm that you can contribute at the required level, develop your practice, build a team and make a profit.
Welcome to our lateral move masterclass! Over the series, we will be discussing the key drivers and danger areas in the lateral process and providing a business plan that has proven to be effective in supporting a move and a reliable indicator of performance to hiring firms.
What drives a successful lateral move?
Success in a move depends on much more than the ‘numbers adding up.’ In fact, you could argue that moves founded primarily on the portable client revenue attached to the partner or team are the least likely to be successful.
This masterclass series looks at the real drivers of success in a lateral move from both the lawyer’s perspective and that of the hiring firm.
Lateral moves founded solely upon a lateral’s desire to earn a slightly greater proportion of their revenue are ultimately a race to the bottom in terms of profitability.
A hire based solely on the business a lateral may bring is unlikely to result in real integration and growth for the firm.
“When you see a good move, wait – look for a better one.” – Emanuel Lasker
Join us as we unpack each step towards a successful lateral move for both partners and firms. At the end of this masterclass, you will receive the ultimate business plan blueprint that partners can use to demonstrate value to the target law firm.
