And Why It Makes Sense To Speak With Multiple Law Firms Simultaneously
Candidates often ask us what they should expect from the legal recruiting process. While the ultimate answer usually includes a mix of characteristics—e.g., greater job satisfaction, a superior platform for servicing current and future clients, superior compensation, more of a say in management, etc.—it is important to recognize that recruiting is indeed a process with a defined start, middle and end. The process can be conceptualized as follows:
Start – Candidate Referral
Middle – Due Diligence
End – Negotiation of Offer
Start, or Candidate Referral Phase
The process begins when the partner (or associate) candidate gives the recruiter permission to be referred to a firm, or, as is more common, to a set of firms. (Note that permission is the touchstone: ethical recruiters don’t even think of making a referral without it). While some candidates suggest approaching firms one at a time, in our experience the process goes a lot more smoothly—and yields superior outcomes—if multiple firms are approached at once. This is because the goal of the recruiting process, like that of selling a book, a house, or anything on eBay, is to receive multiple offers simultaneously and thereby create a “market” for your practice.
Approaching firms one at a time undercuts this goal because it leaves the earlier firm(s) hanging while other firms play catch-up with their due diligence. As a result, both the “early” and “late” firms may be left with an unfavorable impression of a candidate’s interest level—a key factor in determining whether an offer will be extended. Because firm leaders are notably averse to proposing (or leaving open) offers that they feel are not likely to be accepted, it is advisable to work closely with a legal recruiter to identify and contact each target firm as close to simultaneously as possible.
With respect to partner placements, firms are most concerned with four items of data:
- Size of portable book (rounded to nearest $100,000)
- Billing rate
- Number of hours billed per year
- Current annual compensation
With respect to associate recruiting placements, except in the unusual circumstance that an associate has a portable book of business, firms are concerned primarily with annual billable hours and academic credentials.
As part of a referral, the recruiter will forward the above information to the prospective law firm, along with other relevant detail such as available dates for a first meeting.
Read on for the Middle, or Due Diligence Phase of Legal Recruitment
