Firms continue to hire lateral partners in record numbers, and on the heels of end-of-the-year compensation and bonus discussions, scores of individual or small groups of partners are now searching for greener pastures. Though some of these combinations work well, not surprisingly, there are many unsuccessful matches.
What went wrong? Firms that fail to attract or keep laterals may lack a coherent business strategy, neglect to carefully investigate candidates, or fail to plan an organized integration program with articulated and shared expectations. The laterals themselves are sometimes the source of the failure when they neglect to obtain necessary information about a firm’s goals, culture, clients, and opportunities.
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