In the April edition of Edge International Communiqué three of my partners address important issues and provide insights and outline opportunities for the legal profession:
Jordan Furlong, in “Law Firms and Women Partners: You’re Doing it Wrong‘ emphasises that if firms are following typical practices in how they promote women into equity positions they are missing a strategic opportunity and effectively sabotaging their own market viability by:
- wasting vast talent opportunities;
- overlooking or ignoring what women (half the population) could bring to firms in various ways;
- a continued reliance only on hours to measure productivity and contribution which short-changes women.
As a result firms are less capable and less competitive. He leaves us with the tantalising idea of the benefits that will be enjoyed by the firm which ‘gets this right’!
LLB view on this issue?
One thing law firm leaders can do much better is to actively communicate with and keep in touch with prospective women equity partners in their firms. Too often one hears of a female partner who, rather than make a fuss, quietly leaves and joins a corporate or maybe takes a break from law, too often lost forever. Also, a multi-pronged disaster for a firm. Maintaining this type of active contact and keeping the communication lines open can avert this type of issue cropping up. It requires a genuine effort from leaders which builds trust, as well as a good dose of flexibility.
In ‘Five Keys to a Successful Lateral Hiring Strategy‘, Ed Wesemann argues that law firm lateral hire strategies often don’t work , due mainly to poor execution, not the strategy itself. He sets out a workable strategy for firms to follow when lateral hiring:
- set the bar high enough to ensure you hire winners not losers;
- use internal networks to identify good candidates;
- do some research around your short-listed candidates;
- be in direct touch with candidates – they appreciate this and you will learn a lot more; and
- find out what the candidate is truly trying to achieve by making the move to your firm.
LLB view on this issue?
Lateral hiring should be undertaken as the implementation of an agreed strategy. Too often it arises as a partner in another firm or a search executive has approached a partner in one’s own firm. While this can sometimes still result in a happy ending, it can also waste time and divert a firm’s leadership away from the key issues and even the areas where truly strategic hires should be made.
Jeff Morris offers a very interesting take on using Facebook strategically to target and engage with very specific potential client groupings in “Strategic Social Media‘. This is made possible as Facebook has very rich searchable data about their users. This provides a very unique opportunity to target your audience very carefully and strategically, not by talking about or trying to ‘sell’ your firm but by sharing, and doing so with content that users want to read. Jeff throws up some fascinating insights and great ideas.
LLB view on this issue:
Many law firm leaders do not view social media as a strategic tool that firms can use in this way or that they should pay much attention to. I disagree, social media interactions provide a very powerful window into the heart and soul of a law firm (and this is how others connect with us emotionally, which is critical as this is how they assess our brands) and a fascinating picture of a firm, and its all up there for everyone to see and experience. In some respects, a ‘brand offer on steroids’. So, very strategic.
Sean Larkan, Partner, Edge International