Firms place a lot of weight on lateral hiring, but many of them aren’t very good at it.
That’s the conclusion of a report released Monday by ALM Intelligence. An ALI survey found that 96 percent of respondents consider hiring lateral lawyers with a client following “very important” or “moderately important” to their revenue growth strategies. But 30 percent of laterals deliver less than half their expected book of business in their first year at the new firm. Another 21 percent deliver only half to three-quarters.
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