Page 6 - Partnership

S6 | MONDAY, MARCH 21, 2016 | Partnership

Going Private:
Key Steps to Successfully

Integrate Government Laterals

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GST
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environment of equals. If the irm is protective in for hitting certain targets—some of which questions. Help the new partner to answer
BY JOY MARTINI
of equity status, don’t jeopardize the good will may have nothing to do with originations. For them and reine the plan with the support of
of the partnership by offering a star-studded instance, every irm can gain huge beneit practice leaders and a senior marketing pro-
Laterals are exciting. Whether panacea, former prosecutor instant equity. Recognize from sophisticated public relations efforts fessional. Apart from business development
pioneer or Hail Mary, law irm leaders invest and respect the irm’s commercial personality undertaken by super smart partners with lots efforts, and assuming it will take some time
significant time, heart and thought into as it is, not as it ought to be. Likewise, see of free time. This is an excellent way to “feed for those big matters to roll in, a government
recruiting a new partner. Unfortunately, when the lateral for who she is and what she brings the family” in a non-traditional but mission lateral should have clear plans (and targets
the it isn’t right, or the transition ill con- today, not the fearsome and formidable trial critical way. Another number to anticipate: as described above) for all varieties of non-
ceived, a lateral hire will create (and collapse lawyer she was 20 years ago. It’s okay to be the marketing budget. Expect to invest real billable work such as writing articles, securing

under) a world of grief. This is particularly the verdant pasture for a senior statesman, marketing dollars into the practice and give roles in important legal and business associa-
true when it comes to hiring government law- just be clear about what you’re giving, get- the irm’s marketing chief the resources and tions, locking in speaking engagements, and
yers, which requires irms to bridge the wide ting and expecting. Along these lines, always room to make that magic happen. Mining the training junior lawyers.
expanse between public service and private check references. The government lawyer’s network is far more strategic than picking
enterprise. Given the potential opportunities network is huge. But only as valuable as their nice paper for partner announcements and The Cofee Is Free Too
and real costs to attract and retain talent, it regard in it. Be sure the network of promising crafting good “I’ve landed at .” letters. It’s
pays to proceed with caution and allocate referral sources actually loves them back. business development planning and cross- I can recall an all day meeting with a long-
signiicant marketing resources to integrate Oftentimes a irm gets so excited by a lawyer’s pollination on overdrive—and that requires time client that had just brought in a lawyer
a government lateral.
reputation (past experience), that it doesn’t time, dollars and know-how.
from federal law enforcement. After hours of

validate current standing.
intensive business development planning, we
The Firm Is the Firm Is the Firm
Make Plans
all sighed with relief when a delicious lunch
Pay Attention to the Numbers
was wheeled in the conference room. That’s
It’s easy to get so caught up in possibility, Along these lines, we tell irms not to meet when I noticed the new partner reaching for
that irms lose sight of what they are today. When prospective hires (or the headhunt- with prospective government laterals until his wallet. True story and an apt reminder that
Never compromise or misrepresent core val- ers fronting them) throw around origination you’ve reviewed their business plans. If they in all the talking about the serious stuff, don’t
ues and operating principles in order to lure projections, particularly when the attorneys don’t have a plan, they haven’t been thinking forget to communicate the basics. Like food
talent. If the irm is old school and tightly have never had to hit the streets for food, get hard enough about life in the private sector. and beverage. Because the truth is, for the

managed, don’t sell it as an entrepreneurial
skeptical. Building a practice is a life’s work If they do have a plan, what does it say about irst few months, a government lateral has one
and getting a solid lateral started can take the practitioner—his work ethic, creativity big mandate: Get out and meet with anyone
years. Establish a compensation framework and ability to play to existing strengths? What and everyone who can give the irm work or
JOY MARTINI is a principal with Martini Consulting, that the irm can live with if no major matters does it say about his knowledge of the mar- enhance the brand and tell the world why the
a legal marketing and communications irm that come in for the irst year. That might mean ket for services and the irm’s place in the irm is special. So what are the guidelines for
supports law irms worldwide.
a lower draw with substantial upsides built
competitive landscape? These are important
those activities? Will the lateral get » Page S10