Hiring laterals, particularly partners, is an exhausting, time-consuming and costly process.
If done right, a firm bolsters its existing practices or expands into new geography or new practice areas while providing better service to new and existing clients. Done wrong, not only do the laterals and the firm lose but irreparable harm also can be done to clients and reputations.
So how can a firm make it a win-win and integrate laterals and their clients successfully into a firm?
“It’s a very intricate process,” said Michael Hollingsworth II, managing partner of the Atlanta office of Nelson Mullins Riley Scarborough. “Once you see that there is some interest there, you need to talk. You need to talk about compensation, conflicts, marketing, culture, lifestyle issues, what everyone expects.
“And then once all of that is resolved, the actual integration is the key that will make