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Strategic Hiring In a Down Market
By Marcus
Ollig
Hiring? After 1100 attorneys nationwide lost their jobs
last Tuesday? I know what you are thinking: "He
runs a search firm – of course he is talking about
hiring, but the reality is no one is hiring" You're
right –- I run a search firm and as such get the
opportunity to talk to clients and contacts around the
country. My thirteen plus years of experience in the
employment business, conversations with law firm leaders
over the past year, and our own recruiting efforts on
behalf of clients have taught me several valuable lessons
about our current downturn and the best practices of
firms who seem to be thriving. Please let me know if
the commentary below corresponds with what you are seeing,
or if you disagree. I would welcome the opportunity
to hear about what you are seeing in the legal marketplace.
While terrible, the down economy is providing some opportunities
and lessons that can help us thrive even during the
recession. For all of the news of layoffs there is still
strategic hiring going on – often from the very
firms laying off attorneys and staff. Some observations:
The best firms are opportunistic: They hire
and recruit strategically in this down market. They
add areas they have had trouble adding in booming economy.
These firms are flexible; they are looking to change
the focus of down areas like mergers & acquisitions
and often expand into areas that are currently thriving
or where they have had a historic need. We are even
working with firms looking to add to or bolster specific
offices. The opportunity to add a strong lateral partner
or practice is better than any year in recent memory.
With several major firms failing last year, partners
are increasingly looking to move their practices to
well-managed firms. We get daily calls from partners
who are looking to see if they can move to a firm that
is better managed, gives them more financial security
(including lower overhead) or will appreciate them and
their practice. You heard that last one right –
more than ever as firms make painful cuts, even superstars
can get overlooked. Hiring the right lateral can be
tricky, however.
Increase due diligence and in depth screening
of candidates. At a time where there is a seeming
plethora of talent out there looking for work, the job
of effectively screening that talent is more important
than ever. Past lateral hiring mistakes can be your
guide. How carefully did you check lateral hire practice
portability - did they bring what they said? How well
did you transition past hires? But it is not just whether
or not they panned out economically as anyone who hired
a bad cultural fit can attest. Cultural mistakes can
be even more expensive as they hurt morale, client relationships
and potentially cause defections among your best performers.
Lateral partner hires in our experience are the most
visible mistakes, but ask yourself which future partners
left in this downturn and why? Every lateral associate
hired is a huge opportunity. Anyone let go within two
years represents a significant failure in screening
or transitioning. Turnover is expensive.
Additional Resource: Effective
Hiring Article
Stay close to your high performers. Your
best and brightest are restless. The public failures
of Heller Ehrman, Thelen and most recently Thatcher
Profitt & Wood have made partners examine their own
firm's management more closely. We are receiving an
increasing amount of calls and talking with more partners
who are looking to move to firms they deem have a quality
advantage over their current firm. The best firms are
staying close to key talent, rewarding those folks financially
and emotionally. Letting people know they are valued,
needed and have a future at your firm is more important
than ever, especially if you are having to enact cuts.
Below I have listed five things to keep your key performers
happy through this downturn.
Manage costs intelligently and share information.
The best firms are watching costs more closely
- you know how to do this. One word of caution –
cut where it doesn't impact growth or high performers.
This is not the time to cut rainmaking budgets, but
maybe you can scale back the partner retreat, or look
at appropriate staffing levels, for example.
Read More Articles and learn details about how to find and
retain top caliber talent and keep your business in shape.
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March
9, 2009
8AM–12PM
CLE Live Seminar
How Colorado Lawyers Can Survive The Crash!
Check
COBAR website for pricing and more information
March
17–18,
2009
11AM–12PM
CLE Live Seminar
Raising Business Capital
in a Troubled Market,
2-Part Program
Check
COBAR website for pricing and more information
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“Nobody
does what you do. Your firm is head and shoulders above the
rest in terms of your integrity, quality of service, and follow-up.”
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CORPORATE
PARTNER/GROUP
Currently exclusively searching Corporate Partner/Group for
rapidly growing Am Law 100 law firm.
For
Discreet Consultation
LITIGATION
PARTNER/GROUP
Currently searching for Litigation Partner/Group for well
managed Am Law 200 firm.
For
Discreet Consultation
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Am
Law 200 Firms that have announced layoffs since 2008:
36 or 18%.
Many of
these same firms are still growing, for example: Sonnenschein
2008 Layoffs: 62 Attorneys
2008 Added: 100+
Source:
Various
U.S. #
of Active Attorneys:
2007: 1,143,358
2008: 1,162,124
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Contact
The Advocates at editor@targetedlegal.com
with comments, questions, articles, factoids and suggestions.
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