In this chapter, we discuss how to integrate into your new firm, how a client-led approach can be risky, and how to consider the culture within a target firm.
Step 4: A meeting of minds
A lateral move should not, ideally, be founded entirely on your portable book of business. Your book is what you bring with you but there should also be something to find on arrival: existing panel work; work that is now referred externally that you can capture and a business development strategy that you agree should add materially to the practice you bring with you.
Just as you must be willing to be accountable for delivery of the revenue promised within your plan, the firm you are joining should agree to be accountable for delivery of the work and support promised during the lateral hiring process. Firms who treat the business plan as a joint endeavour from the outset tend to have far more success with lateral hires than those who provide you with a desk, a PC and a telephone and wait to see what happens!
Step 5: A client-led approach
Moves that are initiated by a large client that have either indicated that they would like a particular lateral to join a panel firm or who have suggested to the panel firm that securing a particular lateral would help secure and maintain the panel relationship. While the initial process in moves of this type tends to be smooth, thought should be given to the contingency that the client that led the move may not remain with the firm you are joining forever, they could be acquired, go bust or fall out over fees. One client relationship, no matter how large, is a slim pillar to stand on. You should ensure, as far as possible, that your role at the new firm would survive the loss of the client that carried you across.
Step 6: Culture is key
Every firm will say that they have a collegiate and mutually supportive environment. Not every firm is right to say this about themselves! Many firms operate as a collection of siloed partners / practices who view the internal referral of clients as if it were as risky as base-jumping. Expecting to find a warm and welcoming group of colleagues happy to integrate you into their lives and practices at such a firm is optimistic. This may suit you down to the ground or it may well be the very reason you are leaving your existing firm. Taking the time to really understand how a firm behaves behind the PR mask could save you from making a costly mistake. Your legal recruiter should be able to give you a clear and accurate picture of the culture of the firm: you should also seek views from contacts and colleagues now at the firm or who have previously worked there.
At the end of this series, we will share our lateral move business plan template with you.
