Partners Teams and Mergers
The influx of American law firms, allied to the continued expansion of regional practices and the move towards the creation of global, mega-firms, the private practice landscape has changed the private practice landscape dramatically in recent years. Lateral hires have become an essential strand of the strategy for growth and take many forms. They may be limited to the piecemeal addition of partners, bolt-ons of specialist teams or full mergers as firms strive to achieve critical mass.
Lipson Lloyd-Jones has been involved across the full range of lateral hire work since 1987, expanding its operation in response to the growing need for expertise and experience in this area. We have developed long-standing relationships with the key decision-makers - managing and senior partners, heads of department, HR heads and Chief Executives - which means that we can open doors, make discreet enquiries, facilitate introductions and nurture negotiations at a level appropriate to placements of such complexity and importance. We understand the structures, cultures and working environments of our clients, ensuring that every introduction is specific to your skillset and ambitions.
Unlike conventional, salaried appointments, lateral hires are characterised by the desire to expand and it goes without saying that the partner or team seeking to graft onto a new practice should have a following. Followings, by their nature, are ephemeral. Yesterday's active property developer may be today's insolvency-in-waiting! Commercial, political and economic circumstances change from one day to the next and it is impossible to guarantee billing levels going forward. It is more a question, therefore, of demonstrating a track record in generating and developing ongoing business relationships that do, or will, future, bear fruit. We will advise you on this tricky topic and only recommend entering the marketplace if conditions are conducive to doing so.
Lateral hires and mergers bear similar hallmarks, but the latter tend to be more complex and involved. Whereas partners and teams generally augment one area of the recruiting firm's practice, a merger can often involve parties of similar size and strength, each offering a broad range of - hopefully complementary - skills across several disciplines. Combining firms involves complex issues of relative size, rewards and remuneration, synergy, culture and streamlining. Equally important are issues relating to management, hierarchy and executive decision-making. Lipson Lloyd-Jones's role as introducer, adviser and facilitator is vital in ensuring that the process is conducted with discretion, expertise and professionalism.
We research the parties involved on both sides of the potential lateral hire or merger, analysing compatibility - financial, cultural, managerial - and assisting you in the development of a compelling business plan. We advise on related issues such as restrictive covenants, notice periods, gardening leave and remuneration as well as presentation and negotiating skills. The aim is to develop a cogent strategy - on both sides in the case of a merger - designed to facilitate the smooth progress of negotiations, employing the expertise born of our twenty-plus years of involvement in senior level private practice recruitment.