Mid-Year Assessment of Your Laterals’ Integration Process?

Does your lateral integration process include regular check-in meetings with your new hires to assess how your plans are advancing? Many laterals and firms encounter unanticipated challenges in the first weeks and months. Regular assessment meetings at 3, 6 and 9 months can surface issues and refine your integration plans—in fact they can be a timely save.

While it's true that everyone has too many meetings, you have made significant investments and discussions like “How are you settling in? Is there anything we can do to help?” will not protect your retention rate.

Effective assessments begin with a close review of the data, the original business case, and the business plan penned pre-announcement. They should include confidential one-on-ones with the laterals and their sponsors, followed by a meeting with the laterals and all key professionals involved in their integration.

Discussions should consider whether your laterals are engaged in the type and level of work you envisioned, if their realization and leverage rates align with expectations, and if they are collaborating with legacy lawyers on both transitioned and legacy matters, among other indicators. Additionally, consider any new opportunities, marketplace issues, or client developments that may justify a shift in priorities.

It is critical to have the right data and people present and to encourage honest conversations. To prevent the meeting from feeling like an intervention, task everyone in the room to leave with two or three short-term and long-term action items. Aim to identify one initiative that your laterals will enthusiastically embrace or one that will invigorate their journey. Leveraging your business services team, such as your Chief Innovation Officer, can be very helpful in this regard.

The issues that may arise are endless, as are the possible remedies. Next week we will share some ideas for initiatives that you may be able tailor firm’s needs and revitalize your integration journey.