Legal Management: Setting Laterals Up for Success

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Growing your business with laterals requires a robust onboarding approach.

Success in lateral hiring is like a coin flip — literally. According to a recently published ALM Intelligence and Decipher report titled, “Risky Business — Rethinking Lateral Hiring,” almost half of all lateral hires leave within five years, and 62% underperform in bringing over their stated books of business.

And yet, firms spend an incredible amount on lateral hiring, from the time investment of key partners, firm leaders and professional staff, to the money — lots of money. ALM Intelligence estimates the all-in cost of hiring a lateral partner in today’s market averages $2.3 million, with the most coveted partners costing well over $5 million when it’s all said and done.