Successful integration of a lateral into a law firm can be
measured by new originations, but the number of new clients only tells part of
the story. The success of the recruiting process can also be measured by how
quickly the lateral assimilates into the culture of the firm and the speed and
scope of the marketing and business development issues that were successfully
handled. These 'soft' variables depend on a thorough integration plan and
diligent execution.
Get Started Early
The sooner the firm begins planning for the lateral's
arrival, the better. There is a lot to do and time is needed to plan
accordingly. It's important to the firm's brand that marketing materials,
website and bio information for the attorney is updated before the announcement
is made. Don't wait until a day or two before the announcement to involve
marketing. Set up a meeting with the marketing folks and the lateral early on
to enable marketing the time to put a strong plan together. This also ensures
the lateral has time to collect the materials marketing will need to update the
website and other materials.
Plan Accordingly
A lateral integration plan is actually several distinct
plans. A well developed 'master' plan includes a public relations plan, an
internal communications plan, a marketing plan, a client development plan and a
plan for 'on boarding' the new partner including the human resources,
operations, training, conflicts and technology issues that need to be
addressed. Firms active in lateral recruiting should have a robust template and
process in place which can be quickly updated for a new lateral candidate.
The PR plan should identify the media channels and any
'exclusivity deals' which the firm will grant in exchange for prominent coverage.
The plan should identify the publications and contact information for reporters
who will receive press releases with the main 'talking points' or specific
reasons clients will benefit from the combination.
The PR plan should identify and determine responses to any
potential negative information which might arise from media coverage of the
move. Lastly, don't forget to notify and monitor coverage of the move among the
main social media channels, blogs and discussion groups that follow
developments in the lateral's practice area.
The marketing and promotional plan should include a list of
marketing materials that need to be updated, the authored publications coming
with the attorney and the updates needed for the attorney's bio. It should
itemize the directory listings, social media sites, award publications and
professional associations in which the attorney's profile will need to be
updated. The plan should also outline the advertising which will be placed to announce
the attorney's move as well as any events or client receptions held in her
honor. Lastly, the plan should describe how the clients of the firm will be
notified of the new attorney's arrival and who will handle the notification.
The internal communications plan should include how the firm
will notify people inside the firm of the lateral's arrival and who will sign
the notification. It should also detail the meetings the new partner will be
asked to attend as well as outline important firm event dates and the role the
new attorney may be asked to play in each event. If appropriate, a plan to
inform the firm's network of referral sources, like bankers, accountants and referral
networks, along with any strategic alliances or consulting groups, should also
be outlined in this section of the plan.
Most importantly, the master integration plan should include
a client development and cross servicing plan. The plan should outline the new
attorney's clients likely to port over to the firm, the firm's clients with
expansion potential and prospective clients who may be attracted to the firm as
a result of the combination. Each key client and prospect should have a plan of
action with specific strategies for how the introduction will be made.
Bring Value to Your
Clients
In most cases clients aren't waiting with bated breath to
meet the new partner. A meeting solely to introduce a partner is often seen by
clients as unnecessary. So, plan meetings to include other agenda items that
provide value to clients. To make a change, clients need a compelling reason to
switch providers. That means your introduction of the new partner should be
accompanied with a summary of how they have helped similar companies, how they
can solve a unique problem for the client or ways in which they can generate
greater efficiencies or cost reductions. Finding a value added angle requires
research, planning and a heavy dose of objectivity, but the result will be
appreciated by clients.
Plan Support for the
Long Run
The integration of a lateral's clients can take several
months to complete. So integration plans should pay special attention to the
period of time after the initial enthusiasm and energy has waned. In
particular, create check in or progress reporting deadlines and have two to
three people assigned to mentor, guide and troubleshoot for the lateral
throughout the plan time frame. The team could include a senior partner with
influence in the firm to troubleshoot problems, a partner to act as a mentor
and a dedicated marketing support person.
Planning for the integration of a new partner is a series of
distinct activities and plans which all must be implemented quickly and
seamlessly. In all of these plans, strong and consistent communication is the
key to the successful integration of lateral partners.