Keith Bice: Laterals look for long-term success at new firms

Where do I want my career to be in five years? Do I have the resources I need to reach my full potential?

These are the questions that ambitious, growth-minded lawyers are asking themselves. Law firm leaders should be prepared to show these driven lateral candidates why their platform is the best-in-class for lawyers to achieve their goals now and in the future.

Talented lawyers are adapting to the changing economy and are increasingly looking around corners, seeking a firm that will help them better serve their current clients, win new clients and expand their book of business.

They are ready to make moves at unprecedented rates. In fact, 73% of law firms participating in Wolters Kluwer’s 2024 Future Ready Lawyer Survey said the ability to attract, recruit and retain talent will be a key trend expected to impact firms over the next three years.

Evolution of recruitment

At Dentons, we were ahead of the curve in defining lateral talent as a primary driver of growth. In January 2020, our legacy firm Bingham Greenebaum Doll combined with global law firm Dentons to better serve our clients with expanded capabilities and greater breadth and depth of talent.

Then, in March 2020, the global pandemic took hold and there was a seismic shift in law firm economics that drove the most ambitious lawyers to take a hard look at their current law firms and the ability of their platforms to support their growth.

We recognized that as Dentons we have a uniquely local and truly global platform that sets us apart as a firm where lawyers can build a local, national or international book of business. We capitalized on the moment to bring in more laterals and to build a growth strategy around talent.

Today, competition for top talent remains strong, and law firms who have what laterals are looking for to support their current clients and to bring in new clients will rise to the top.

As Dentons, the world’s largest global law firm, we have enhanced our client offerings through collaboration with talented colleagues and internationally recognized practice areas across the US and around the world. Laterals who have joined us want a platform where their practice can grow to better serve their existing clients and help them win new clients.

According to a recent survey by Leopard Solutions, 54% of participating firms said lateral hiring will be their primary growth driver in 2025. The demand for skilled, experienced lawyers with robust practices is high. As you compete for talent, what will make a lateral choose your firm?

Here are four key aspects laterals are seeking:

Expansive reach: Clients are looking beyond their home markets for growth and expansion. As the needs of clients continue to extend across more jurisdictions, lawyers want a law firm that can support their clients wherever they are or aspire to be. A law firm that has talent across the United States and around the world means laterals can easily tap into the knowledge or experience of colleagues to help a client in a new jurisdiction, without wasting time seeking an outside law firm for support. This streamlines service for clients, creates efficiencies and keeps the client engaged with the relationship lawyer.

Professional development and training: One of the biggest factors in attracting and retaining talent is support. Nearly 80% of respondents to the 2024 Future Ready Lawyer Survey said they seek a firm that provides professional development and training.

Firms with proven internal professional development programs coupled with formal and informal mentorship programs help lawyers learn important substantive and leadership skills, identify new approaches within their practice areas and develop deep connections with colleagues across the firm. Giving your early- and mid-career lawyers the resources they need to develop into successful lawyers and leaders sets up both those lawyers and your firm for continued success down the road.

Business development support: Strong laterals are eager to pitch new clients. They also create opportunities to serve existing firm clients in new ways. It is crucial when onboarding laterals that firms have a business development plan from day one. For laterals, knowing you have a team on your side that can help you identify new opportunities, meet the right colleagues for cross-selling, and increase your visibility among clients and the community will make the transition to a new firm seamless.

New approaches to helping clients: Law firms are historically averse to change. However, innovative firms will find success over the next decade as they adapt to the changing needs and demands of clients. Just because something has been done a certain way in the past does not mean that is how it should be done in the future.

Businesses are adopting new technologies and implementing new strategies to drive success and want lawyers who can serve as trusted advisors. Law firms that embrace innovative thinking and technology to find the best solutions for clients will be attractive not only to clients, but also key laterals.

Conclusion

Ambitious, talented lawyers continuously challenge themselves to think about where they want to take their practice in the next five years. Law firms that embrace innovation and that offer the ability to build and grow a practice on a local, national and global level will have the advantage when it comes to recruiting top talent. Law firm leaders should be ready to show lateral candidates how their platform can help them build a successful career now and in the future.•

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Keith Bice is a managing partner at Dentons and a national business and finance lawyer based in the Indianapolis office. Opinions expressed are those of the author.