Law firms seek to attract and retain laterals as a key part of their growth strategy. There is often not a disciplined process and ongoing support for new laterals once they join a new firm. The result: more than half do not remain with the firm for more than two years, costing firms from 200 to 400 percent of the attorney’s actual compensation.
The LawVision lateral integration program provides the needed organizational and personalized support to significantly increase the success rate for new laterals. The program includes:
- A review of the lateral’s business plan and conversion of that plan into an Individual Marketing Action Plan (iMAP).
- An integration checklist that ensures the lateral partner’s plans include such key areas as publicity, integration, cross-selling, and membership/events.
- Regular individual coaching sessions to ensure that the lateral partner is on track and is being held accountable for his or her plan.
- Counseling and feedback to firm leadership and the sponsoring partner, as needed, on activities that will help boost the lateral’s profile internally as well as through external marketing and PR.
The LawVision team has extensive experience working with laterals from a variety of practices, and with partners who may be new to developing their own business, such as government officials.