According to an American Lawyer/LexisNexis survey, 96 percent of law firm respondents planned to hire laterals in the next two years, yet only 28 percent said that hiring laterals had been “very effective” in the past. Several years ago The McCormick Group released a report that said the cost of acquiring, compensating and integrating a lateral was $600K. They also estimated that 60 percent of laterals fail.
Your firm must ensure that this significant investment of time, money and resources is supported with successful business development and legal marketing initiatives. Knapp Marketing has assisted numerous law firms in the creation and implementation of lateral integration plans which effectively integrate individual or group lateral hires into their new firm. We create on-boarding plans for new partners which include internal and external communications, strategic discussions and outreach to clients.
Our typical lateral integration services for law firms include:
- Interviewing the new lateral(s) thoroughly to fully understand their practice and client base, and to refine the value proposition of the firm in light of the addition(s)
- Strategizing and prioritizing tactics for outreach to existing and prospective clients
- Working with the appropriate partners to craft compelling messaging around the move and developing both internal and external communications and materials to effectively deliver these messages through:
- Press releases
- Electronic newsletters
- Client letters
- Attorney biographies
- Practice group descriptions
- Conducting media relations around the announcement of the hire
- Planning internal and external events to introduce the laterals to their new colleagues and to existing and prospective clients
- Personal coaching for the laterals on their new law firm’s brand, best practices, social media techniques and business development outreach