Tracking which originations will follow a lateral to their new firm doesn't have to be so murky. One Simple Strategy to Improve Lateral Partner Due Diligence
Law firms are missing the mark on some critical questions common to every lateral partner questionnaire.
October 18, 2022 at 10:00 AM
5 minute read
As the drumbeat of an economic slowdown permeates the news, law firms will predictably increase due diligence on lateral hires, especially partners.
Regardless of a stronger or slower economy, we all recognize that not all lateral partners work out or deliver as promised. And "as promised" often refers to what the partner estimated would be the portable business and what portion of that business actually followed. While there are certain partners who will knowingly puff their books of business, the reality is that they are in the small minority. Rather, most of the disconnect with regard to this issue appears to be due to the ambiguity of certain terminology used in Lateral Partner Questionnaires ("LPQs").
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