How Long Is The Law Firm Lateral Hiring Timeline?
Jennifer Gillman
I help law firm partners with books of business take control of their careers - because successful lawyers deserve to be happy too.
As the year-end approaches, many lawyers take stock of where they are in their career and their firms. If this sounds familiar, you may be concerned about lawyer compensation or want to stop apologizing and make a plan for next year; you may have good reasons to make a lateral move.
Traditionally, the end of the year is a convenient time to change firms because most firms’ fiscal years match the calendar. it is convenient to move at the end of the fiscal year, but it isn’t imperative. No time of year is better for lateral partner hiring than any other time of year. The best time to start the lateral hiring process is now. Regardless of when you start, the first question everyone asks is, “What is the law firm hiring timeline,” or “How long does a lateral partner transition take?”
In this article, I review the lateral partner hiring timeline as we see (and practice) it. Then, I’ll guide you through managing the process.
So, how long does lateral partner hiring take?
The short and generally unsatisfying answer is “it depends.”
Many factors go into the lateral partner hiring timeline; some are outside your control, and others depend entirely on you.
However, I do recommend patience.
Through years of legal recruiting, we have learned that you should take your time with the lateral hiring process. If you want to be happier in your work, you must spend time finding the right fit.
Fast transitions do happen, but they are unusual and don’t often yield the best results.
Plan for the lateral hiring process to take a few months to find your exact perfect fit firm; don’t rush it. The good news is that with the right help, you can keep the disruption to your day-to-day to a minimum (and maintain confidentiality).
The law firm's lateral hiring timeline
In truth, this is a misnomer; there is no one timeline, and every situation differs. So, instead, I’ll explain the steps and give you a framework to use as a guide.
In our process, there are five steps to a lateral partner move:
I go through each of these below.
Assessment
Timeline: 1 week
The assessment is where we meet to discuss your needs as a lateral partner candidate.
We use this initial conversation as a reality check. We want to understand your current situation, what you need, and what you want.
Our approach is one of understanding. We want to ensure you end up in the right firm; sometimes, that may be your current firm. Our deep understanding of the industry and market gives us the tools to assess your opportunities and fit.
In some situations, a lateral partner move won’t make you happier.
We will be honest about the opportunity and help you decide if proceeding to the next stage is worthwhile.
The assessment takes about half an hour (though we can take longer if you like) by Zoom. The challenge here is that aligning calendars can take some time. So, from when you reach out to us to having this initial conversation, it takes about a week.
This meeting is crucial, and the Gillman Strategic Group approach to this meeting is one aspect of our process that sets us apart.
Craft your plan
Timeline: 1 week to 1 month
The next step is to craft your Lateral Partner Business Plan.
This step can be challenging because we need to understand and value your portable book of business business and define your plan for yourself. We work with you to complete the business plan, taking as much of the work out of your hands as possible.
Generally, the plan takes a couple of hours to complete. But it may also take a few hours of reflection (perhaps a glass of wine or two). We’ll take your ideas and turn them into a cohesive document.
Review the List
Timeline: 1 week to 1 month
Once we have your business plan, we begin compiling a list of potential perfect-fit firms for your potential lateral partner move.
We have a deep understanding of the market, the firms, and their cultures. We draw on our direct experience with firms to match your needs to the right culture.
Compiling the list takes us a few days; we try to have it within a week, but it can take longer. We then review the list with you, discuss our rationale, and decide which firms to contact.
The total time can be from a week to a month, depending on schedules.
We usually end up with a good list, but sometimes we have to do more research. This can extend the timeline, but it’s better to take the time to get this right. You want a lateral partner hiring process built around and for you.
Interviews
Timeline: 1 month to 2+ months
We contact the agreed firms and schedule conversations or “interviews.”
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Typically, you should count on meeting with a hiring partner, managing partner, and leaders of your practice group at a minimum.
More common is a series of meetings with other partners from the practice group you hope to join. Sometimes, other business professionals, such as administrative and marketing, will also want to meet with a lateral partner candidate.
Generally, these interviews take a few weeks because everyone has a full schedule. You may also have meetings with multiple firms, so your availability will be tight. Interviewing is the longest part of the process, and we recommend dedicating as much time as possible to ensure you make the right choice.
In addition to the interviews, most firms may want you to fill out a Lateral Partner Questionnaire. Some will accept our Business Plan, but many insist on the questionnaire. The questionnaire is generally quick and easy after completing your Business Plan, and we will help you, but it is another potential source of delay.
The more responsive you can be and the more open you can keep your schedule, the faster this part of the process will go.
The Final Step: Closing the Deal
Timeline: 1 week to 3 weeks
Once you and a firm agree to move forward, negotiating lateral partner hiring terms is the final step. Depending on how aligned you and the firm are, negotiations can be quick and easy or drag on.
We can help you streamline the negotiation by clarifying what is reasonable and what isn’t. We can negotiate on your behalf or support you through the negotiation, whatever works for you.
And that is the timeline
Adding these times up gives us a law firm lateral hiring timeline anywhere from 2 months to 5 months or more.
It can go faster, but we recommend taking your time to get it right - it is often to your advantage to take the lateral hiring process slowly.
Common sources of delay
If you wonder why the process takes so long, there are four common areas of delay. Some of which you can influence, some you can’t.
Common delay number 1: You, the lateral partner candidate, cause delays by not promptly scheduling meetings or returning important information
Everybody understands that everybody is busy. You can’t be a rainmaking lawyer and also have unrestricted availability.
However, the faster you get meetings on the calendar, the better. Delays in scheduling are very common, and they are frustrating to everyone. (These delays can also come from the law firm side, but you can’t control those).
Also, if they want a Lateral Partner Questionnaire filled out, you should return it to them as quickly as possible. Delays in returning the questionnaire delay their review of it, which delays scheduling, and… you get the picture.
The more responsive you are, the faster and easier this process will run. Responsiveness also makes you look good - this will give you more power in the negotiating process.
Common delay number 2: the law firm is handling other recruiting activities
Although your lateral partner recruiting process is foremost on your mind, the firms you speak with will have other hiring processes to manage. The law firm's hiring timeline depends heavily on their availability.
They may be talking to multiple partner candidates, all of whom must meet with the same people. Or they may be involved in other business development activities, such as acquisitions or mergers, that absorb significant management time and attention.
Generally, these issues will not affect your chances of receiving an offer (especially if your practice will add to the firm’s bottom line). However, firm management only has so much available time, so this will extend the hiring timeline.
You are busy and have clients, but the more flexible you can be, the faster this process will be.
Common delay number 3: the time of year
Time of year can be a factor in the law firm's lateral hiring timeline. The last month of the firm’s fiscal year means everyone is busy closing the books, and the summer holiday season stretches already-packed schedules.
Even associate hiring can impact the lateral partner timeline. The managers you may need to meet could be busy with on-campus interviewing, managing a summer associate program, or onboarding new associates.
None of these are related to you and won’t affect the outcome, but they can impact the timeline. This is one reason we recommend getting started early and taking your time.
Common delay number 4: finding the exact right perfect fit firm takes time.
As a lateral partner, the firm you move to is your critical choice.
You should be deliberate and careful in making the decision so that you can make the best decision possible. You want to be happy in your new firm, so don’t rush it. Give yourself time to evaluate, think, and find the right firm.
This is your lateral hiring process
The simple truth is that the law firm lateral partner hiring timeline is long and deliberate. Your flexibility and responsiveness can help it along, but you also want to be purposeful in making your decisions.
Be patient – once you find your perfect fit, the whole process will have been worth the time.
Ready to get started?
If you are ready to get started, let’s talk. Even if you aren’t sure what you want to do, half an hour by Zoom can help you clarify your opportunities and next steps.
We work for you. The law firms pay us, but your happiness is what we work for. Get started here, and I look forward to learning more about you, your practice, and your plans.