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Young Attorneys Need to See ‘Someone Like Them’ in a Leadership Position, Says Helena Almeida

November 17, 2021job seekers08817203686547

As young lawyers find their footing in the legal field, they can sometimes struggle with achieving their goals. While law firm leaders are there to help guide them in the right direction, these young lawyers might find it difficult to relate to them.

However, some may luck out and get the chance to work with someone like them who holds a leadership position. Having someone like them in these top roles may better help them succeed in achieving their career goals.

“To me, making a difference means ensuring that the next generation of diverse attorneys sees someone like them in a leadership position and feels confident that they can achieve their professional and personal goals,” says Helena Almeida, ADP Vice President Counsel of Litigation.

Are you interested in learning more about how young lawyers need to see ‘someone like them’ in a leadership position? Read more in this law.com article.

How Midsize Firms Are Navigating 2021’s ‘Candidate Market’

November 10, 2021employers08817203686547

In the midst of pandemic-era legal qualms and a backlog of court cases rolling in, there is no shortage of demand for legal services for midsize firms in 2021’s fourth quarter.

However, mid-market law firms are embroiled in a candidate’s market, in which the competitive pressures on midsize law firms are exacerbated by salary spikes and the competition to accommodate work from home demands. Even for the heads of midsize law firms touting a profitable 2021 and bullish projections for next year, talent recruitment is a major concern heading into the next year.

“We’ve had a better year than what I would have expected us to have,” said John Shackelford, managing partner of Shackelford, Bowen, McKinley & Norton, a 72-lawyer firm with offices in Texas and Louisiana.

“Where we are feeling a little pressure is we’ve lost three people in the transactions section recently,” Shackelford added. “We’ve lost them to bigger firms. The big firm’s billing rates are so much higher, and they can pay so much more. The differential has grown so much. These big firms are extremely busy.”

Are you interested in learning more about how midsize firms are navigating 2021’s “candidate market?’ Read more in this law.com article.

Zoom Goodbyes and Constant Counteroffers Are Changing How Lawyers Leave Firms

November 8, 2021job seekers08817203686547

As the legal industry continues to be in an escalating talent war, firms are making counteroffers like never before. While legal recruiters and hiring law firms dread the use of this strategy, a changing convention in how lawyers that are leaving their firms give notice could make it easier for law firms to stick to their guns.

Similar to law firms being forced to turn to Zoom, both to recruit talent and hire new attorneys during the COVID pandemic, lawyers have also been saying goodbye via video calls. By submitting a resignation by video chat, attorneys have it easier to resist the pressure that law firms prepare to prevent their top performers from leaving them.

“It is my nightmare,” Chicago-based legal recruiter Kay Hoppe said of the rising volume of law firm counteroffers. “Every minute of my life, I face it now.”

Are you interested in learning more about how Zoom goodbyes and constant counteroffers are changing how lawyers leave firms? Read more in this law.com article.

Attorneys Considering Retirement, Will it be Trick or Treat?

November 2, 2021job seekers08817203686547

6 Questions You Need to Consider in Creating a Succession Plan

As Halloween just passed, we are trying to make sense out of the new normal from the pandemic since there is plenty of things to fear.

The delta variant is delaying a return to school and work for some. The virus and inflation are starting to hurt the economy.

Notwithstanding, what are you doing to protect your firm’s future? Are you well positioned to kick back and enjoy retirement in the next five to ten years?

Succession planning involves developing a concrete plan to transfer ownership and control of the firm in a seamless transition. Failing to develop strategic plan may put you, your firm and your future itself at risk, seriously endangering your retirement.

Do you have an exit plan in place? Don’t put your retirement in jeopardy. It’s time to take a hard look at what you have accomplished and where you want to go. Those running a marathon don’t just show up on the day of the big race and run. Marathon runners prepare plenty of time in advance and they know where the finish line is.

“Developing a solid understanding of the most significant challenges your firm is likely to face over the next 5 to 10 years will help you realize your goals and reap the rewards or your years of hard work” — Shari Davidson, President of On Balance Search Consultants.

FEARFUL OF ANALYSIS PARALYSIS
Many attorneys see the value of a succession planning, but simply put it off. Ask yourself …

1. What are you doing to protect your firm’s assets or your book of business?
2. Do you have an internal/external succession plan in place?
3. Are you undervaluing your worth?
4. Should you join forces with another firm?
5. What keeps you up at night?
6. When will you be able to kick back and enjoy the good life?

In this post-pandemic economy, there are good reasons to consider your next move now and not wait until later. Start taking the necessary steps to ensure you are well positioned – no matter what happens next!

“On Balance Search Consultants understand the challenges associated with thinking about the next stage of your career in law. You have options, don’t leave any money at the table. We will ensure your firm will continue to thrive no matter what the business climate.” — Shari Davidson.

About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

How to Avoid 5 Huge Hazards When Making a Lateral Partner Move

October 26, 2021job seekers08817203686547

The pandemic has exposed law firms whose leadership is weak, resulting in many partners making the lateral move to firms with stronger business models and leadership.

There is a plethora of pitfalls that you should avoid when making a lateral move, so be sure not to make these common mistakes.

1) Carefully review your partnership agreement before moving on to a new firm. Understand your compensation and how it will be affected when you make a move. As a partner, what are your obligations to the existing firm (i.e., how much notice do you need to give them; what are your responsibility going forward etc.)?

2) Don’t oversell or undersell your book of business. Align expectations with reality. If you undersell, your compensation may not be what you expect. If you oversell your billings, you may be creating bigger problems.

3) Does the new firm give you the credibility you need? Will you be perceived as a trusted advisor to your clients (i.e., practice areas for cross-selling)?

4) Does the new firm’s corporate culture line up with your personal values? If it’s not a good fit, don’t make the move. Take time to find the right firm that has a culture that is consistent with how you practice law.

5) Work with a legal recruiter to navigate the process. On Balance Search knows what firms are susceptible to being acquired by another firm and some that are in danger of folding. Do your due diligence to ensure that the new firm is financially sound and has a solid strategic plan for the future.

Why are you looking to make the lateral partner move?
Before making a move there are many considerations. You don’t want to burn bridges. Making this decision is important part of your journey.

Questions to consider:

-Is there any chance of reconciling differences? Take the time to see if you can work things out with the existing firm before leaping.

-Do you have a succession plan in place and how does making the lateral move affect it?

-Will you be leaving money on the table?

Making the lateral partner move is a risk.
Before having major surgery, most folks will get a second opinion. Get counsel before you make a move. Know the risks, work with a legal headhunter to create a lateral integration plan to make the transition smooth and successful. Reliable advisors know the marketplace and can place you in the right firm that is a good fit for you!

All-or-Nothing Approach to Office Returns Risks Alienating Attorneys and Clients Alike

October 20, 2021employers08817203686547

The pandemic brought extensive and sudden changes to the legal field. Some change, which included the improved use of technology and increased efficiencies for many lawyers, was long needed.

However, this past summer, as everyone seemed to be getting ready to step away from the remote environment and return to offices (in some way or another), top lawyers at law firms and in-house started to question the long-term effects of the work from home environment.

Among some of the more prominent voices emerged a push for a return to the traditional work model: lawyers in the office every day. This call for a return to “normalcy” has raised an important question: In a global pandemic, which has inflicted change on the legal profession, how does the field emerge with lessons learned and without losing the key emphasis on important principles, such as client and lawyer relationships?

Are you interested in learning more about the all-or-nothing approach to office returns and the risks of alienating attorneys and clients alike? Read more in this law.com article.

Smart Rainmakers Just Don’t Network at the Bar Association

October 20, 2021job seekers08817203686547

Time is simply something none of us have. Therefore, you need to work smart. The sum total of your efforts must bring in new business. Make sure you are connecting with the right people, who can help you. Constantly assess what is working, and what is not.

Organizations are a great way to build new relationships that can bring in new business. An obvious choice is the Bar Association. “As a legal recruiter, I cringe every time when I hear this. Is the only place you are networking? Why you ask? Why would you put yourself in the mix with your peers to slug it out to win new business when you can find more fulfilling and better ways to make it rain?” — Shari Davidson, On Balance Search Consultants.

How do you choose a group? What is your practice area and who are your clients? Ask yourself where and who you should network with before you join a group.

Follow these steps to ensure you pick the right group:

I. CLEARLY DEFINE YOUR BUSINESS VALUES

A great place to start is your mission statement. Don’t have a business plan? Get one. Clarifying your mission will help you see the natural connection between your organization and a potential new partner.

II. DETERMINE THE CRITERIA FOR THE POTENTIAL NEW GROUP

Consider criteria such as the size of the organization, the age of the organization and whether the type of group:

Non-Compete Groups
Referral groups like BNI and Gotham offer non-compete exclusivity. Being the only lawyer in the group can be advantageous. But don’t just jump in, consider who is in the group first? If the group is a bunch of Mary Kay Representatives or Landscapers, this may not be a good source of new business for you.

Professional Groups
Consider partnering with other trusted providers such as Attorney Accountant Networking Groups (AANG). These groups, as well as CPA and Insurance firms, Architects, Engineers, and yes, Bar Associations may have sub committees that don’t only have attorneys in them. Like, WE CARE Fund, (the nationally recognized charitable arm of the Nassau County Bar Association) may also generate a steady stream of new clients.

Hybrid Groups
USA 500 club is a professional networking group of attorneys’, CPA’s and trusted advisors who sit at the Board table of corporations. Join this group.

Industry Associations
What are the new trends in legal work? Get creative. Research associations that match up with your practice area of law. Consider women’s groups or new burgeoning fields such as cybersecurity. Consider verticals that require your expertise. Build-outs in construction need attorneys well versed in mapping out the legal commercial legalese for everything from airports, dams and tunnels. Other verticals to consider are hotels, restaurants, strip malls or sports complexes. Your competitors are not going to be working these niche industries. Stand out and become the leading authority in these fields of law.

Personal Social Groups
Let your interests and passions guide you. Perhaps you are an avid bowler, cyclist or runner. Do you have a passion for art, history, or horses? These networks may prove to be a major new source of business. Political organizations can be a good place, just remember this can also backfire. Let’s face it, everything is political. Steer clear of politics.

Charitable Organizations
Shari Davidson, ” As a member of the American Heart Association Charitable Estates Committee, I routinely interface with attorneys, CPA’s, insurance agents and many other trusted advisors on the council. Groups like this are a great place to align your brand or firm, and can be a fulfilling experience leading to forging new friendships and new business.”

There are so many reasons why you should put yourself within a powerful network that has, “the resources, tools, and experience to help the professional community … creating an impactful win-win for all.” said Ed Rodbro, Sr. Advisor Charitable Estate Planning for the American Heart Association.

Start building strong relationships and establish yourself as an expert in your field of law. Working with a charity can become a fulfilling way to further the mission of your organization while helping your community.

III. SELECT AN ORGANIZATION WHOSE VALUES ARE CONSISTENT WITH YOUR OWN
Ask yourself if you like the organization’s board members? Do you feel comfortable working with them? If an organization makes you feel uneasy, then trust your gut. Move on.

Don’t waste time and money getting to know a group that can’t help you. Look at the metrics, trends, and risk mitigation when assessing where to source new business. There is more to networking than securing the mailing list from the business chamber.

Nurturing relationships takes time, set yourself up for success. Get to know one or two contacts at an event. Don’t try and get everyone’s business card. Take an interest in who you meet, learn more about what they do, what’s important to them and make sure you remember them. Invariably you’re going to meet up with that person again. Leverage these new relationships.

Keep a small notepad with you or use an app on your smartphone to take notes. Ideas will pop into your head when chatting with a friend or networking at an event. Write it down, that way you won’t forget. You are a resource and expert in your field, you often are asked for your assessment and opinion on an issue. Make a note. You are now well on your way to penning that new article or writing a that book you’ve been talking about.

Once you’ve selected the right groups to network with, you’ve got to make the most of your time to bring in the business.

About: On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

COVID Crisis Law Jobs: Don’t Just Put Yourself Out There

October 11, 2021job seekers08817203686547

Why did you put yourself on the market in the first place? Were you passed over for a promotion? Or maybe you just don’t fit in? Does the money change things? Will the issues of the past continue to be a problem?

During this pandemic …
Don’t just put your toe in the water. Law school doesn’t prepare you for how to manage your career. They don’t teach you how to strategically position yourself in an ever-changing marketplace.

“Do your research. Dig into the company’s financial health to assess job security. Look at where its funding comes from, and make sure the projects you’ll be working on seem stable. Don’t lose sight of the long-term. Remember your career goals. Will this help you get there? Is the opportunity likely to come up again in the months to come?”

Rachel Feintzeig, Work Life Balance writer for the Wall Street Journal, Do You Dare Switch Jobs in the Coronavirus Economy.

Should I stay or should I go?
Layoffs were commonplace in the legal industry during the Great Recession. For now, large firms are opting to cut pay, reduce hours, and furlough lawyers. Law firms specializing in family, housing, and criminal law have been hardest hit due to local government offices being closed. Many firms are asking for more lateral associates and staff.

Counteroffers are up.

Interviewing and getting offers is not the way to negotiate a better compensation package. It’s a career killer. What you don’t want to do is create an environment of mistrust. You don’t want to put your career in jeopardy.

Your reputation at the firm will never be the same. There will always be a question of your loyalty. They simply will not trust you anymore.

“In my over twenty years as a legal recruiter, accepting the counteroffer results in being pushed out the door 85 to 90% of the time. The candidate is either let go for someone less expensive, or the promises made did not pan out. About 3-6 months after the counteroffer is accepted, I get a call.” –Shari Davidson, President of On Balance Search Consultants.

Accepting a counteroffer is likely to damage your relationship with your current firm. Think about it, you just told your firm you are leaving and are now only staying because they threw some money at you.

The Effects of Hiring The Wrong People Are Appreciable and Costly

October 4, 2021job seekers08817203686547

Lasting relationships are tied to a shared sense of competitiveness, purpose, and culture. Many top lawyers are looking to make the move. Why, because they just don’t fit in anymore.

Culture embodies everything from the way people get on, to the core values the firm was founded on. It’s difficult to put your finger on it, but you know when something isn’t right. When the culture and the values match-up, everyone wins. When it becomes fractured, it get’s messy.

Every firm has their corporate culture, one day you’re at the top, the next day you’re not a team player. The culture within the firm may have shifted during the last merger or acquisition, and now you’re being rejected because you don’t share that passion.

Values are threaded throughout all aspects of the practice, woven into the relationship system as a whole, and reflective of these values.

Hire the wrong candidate, and you’ll likely know within a few weeks. When you get down to hammering out a deal, it becomes much more than what the firm is offering.

Work with your recruiter to find candidates whose values mirrors your firm’s culture. The best recruiters:

-Are creative problem solvers. They find solutions.
-Trustworthy and have an excellent reputation.
-Connected to the players and knows what the word on the street is.

What makes your firm different from any other law firm? Why would a candidate want to work for you over other firms? Law firms want to know what is unique about a candidate and how they can further their business goals. In turn, law firms need to sell why you should work for them.

Confessions of a Legal Recruiter: Succession Planning for Solos and Small Firms

September 27, 2021job seekers08817203686547

Most Solo Practitioners have spent years developing a growing and successful practice. Start planning your retirement now, take steps to create value. Establish benchmarks for revenue for future goals. Look for people internally and externally who fit the firm’s succession future image.

In developing your succession plan, you’ll need to consider what you plan on doing with your practice or your book of business. Should you take on a younger partner? Sell the practice? Time is a critical factor, don’t wait.

Succession planning is a process. The most challenging task will be to Identify a successor or where to take your book of business. A clearly developed transition plan must address management responsibilities and an orderly plan for the transition of client relationships.

“You’d be surprised how many rainmakers put off planning their succession plan or wait till it’s too late to achieve this goal. Often many don’t groom a successor for the firm. As a strategic consultant I help attorneys monetize their book of business as they wind down from the daily practice into retirement,” – Shari Davidson, President of On Balance Search Consultants.

The success of a succession plan is based on how much time you have and how much time you’ll need. Decisions must be based on what is best for you and or your firm.

1. Start by establishing the firm’s identity and value. Assigning the firm’s successor is critical, the leadership must be a good fit for the existing client base and future growth of the practice. A successful succession involves identifying or developing one or more effective leaders.

2. Transitioning clients can be a challenge. Relationships are built on trust, you cannot simply turn over a client’s business to another attorney. Make sure the client is happy with the new leadership or they will jump ship.

3. Compensation. Every practice has their unique circumstances that must be carefully crafted when establishing compensation. Get it right and everyone wins.

Running out time, follow these three options:

1. Shut the doors down. Understand you will be leaving money on the table.

2. Time is money. If time permits, groom a successor

3. Talk to a succession advisor to strategically create the retirement plan you desire.

The process can take anywhere from a few months to a few years. It took years to build your business, and it will take time to successfully execute a succession plan. A transactional lawyer can successfully wind down a practice in three to six months. A trial lawyer may be tied into existing cases for two or three years.

Ultimately it gets down to what strategy best meets your needs. Nothing is ever routine, recognize that this process takes time. Be realistic. Understand what the value of the firm is today and what you can reasonably expect in the future. Is your client base of value to another practice?

Perhaps your priorities have changed, or you’re being forced into retirement. You’ve got options, take your active book and work with a succession planner to set the stage for the next move in your career.

“My firm helps identify the best solution in the marketplace. We evaluate your options based on your practice area as well as the market trends, and then align the needs and desires to the best solution,” Shari Davidson, succession advisor.

Succession planning is not an event, it’s a process. A well-planned succession works towards grow-ing the firm’s worth and at the same time developing an exit strategy that will allow your clients to continue to be well represented.