Here’s what I like:
- A Strategy – In these days of management consultant driven business development, it is maybe unsurprising that Sonnenschein is working from a strategic plan – developed with the assistance of a strategic consulting firm - declaring lateral hiring to be an integral part of the “road map for growth from the firm's current middle-of-the-pack $800,000 in profits per equity partner to $1.4 million in 2008”. And yet, having the strategic plan (and so many firms do not) – and disseminating its existence – is a sure sign that the firm has (or is attempting to have) a focused and integrated approach to lateral hiring.
- An Dynamic Lateral Hiring Acquisition Partner with Real Authority – Kara Baysinger sounds like a real go-getter – with $4 Million of portable business (being managed by firm partners as she devotes her time to lateral hiring and business development), all while raising a family (she was pregnant with twins when the article was published).
- Paying Up – Reportedly, Baysinger accepted the job only after the Sonnenschein leadership promised her that the firm would be "willing to pay top dollar for talent and aggressive in paying recruiters." Meaning, as it turns out paying recruiters more for recruiting groups – rather than less (on a per partner basis) which is an all too common practice amongst our clients.
- Building Relationships with Lawcruiters – In Sonnenschein’s case, this meant hiring someone to manage the lateral hiring process (scheduling, conflicts checking, database maintenance), and working to establish and maintain (through regular and frequent contacts) a small network of Lawcruiters who know Sonnenschein's practices and needs and - with the added incentive of higher fees – were more likely to devote more of their energies to Sonnenschein searches.
- Internal Interviewer Training – This blog has discussed before (here and, with a more hopeful air - here) how our clients fail to train their lawyers in the skill of interviewing potential lateral hires. In Sonnenschein’s case, since the proper screening of lateral hires is within Baysinger’s bailiwick – she also took upon herself the responsibility of getting her fellow partners to work from the same page. The questions she trains them to ask: “Who are your clients?” “What are your rates?” “What are your clients' attitudes about your rates?” and “How productive are the associates who work for you?” may all seem obvious and basic. You’d be surprised…
- Maintaining “Buy-In” from Other Partners: It seems clear, from the article, that Sonnenschein also took pains to maintain partner “buy-in” and esprit-de-corps throughout the process of implementing the strategic plan. It cannot have been easy for some partners to watch firm management de-equitize and/or fire 33 fellow partners (10% of the firm wide partnership) and hire 17 new partners in 2006 – all significant costs and changes to be borne in the interest of increasing profitability and competitiveness.
- Effective P.R. – However Sonnenschein succeeded in getting the American Lawyer to publish this article – and it takes some doing to make this happen (assuming that they were involved at all) - its publication is clearly a big cheer for the firm’s lateral hiring initiatives.
Whether Sonnenschein achieves its objectives is obviously uncertain. The most recent AMLAW 100 numbers have them falling in the gross revenue, revenue-per-lawyer and profits-per-partner rankings from their positions in 2006. Whatever the outcome – the example they have set is now, for better or for worse, clearly set out for any competitor firm considering the same path.
