Selecting an Executive Search Firm for your Law Firm
/The business landscape within the legal industry today is highly competitive, especially when growing through lateral attorney growth. Finding, engaging, and securing the right fit experienced attorney has become increasingly more difficult, yet critically important to a law firm’s success. One approach many law firms take to help in their efforts to attract experienced attorneys is to engage executive search firms. The challenge in today’s market is the myriad models, processes, and expertise related to executive search firms. Not all firms are created equal and choosing the right one can make all the difference in the quality and timing of candidates presented as well as the financial investment in the search’s success. In this post, I’ll discuss key factors to consider when selecting an executive search firm.
Define Your Internal Need:
Before you start looking for a firm to help, it’s best to understand and clearly define your needs and expectations. For each role. determine the specific qualifications, experience, and skills you are seeking in a lateral attorney. Some firms like to present a “wide net” approach to attracting candidates, and that is fine if you are genuinely open to a broad range of options but be as tight as possible in your definition of how the ideal candidate is defined. This will help you as you engage in your hunt for the right search firms.
Research and Reputation:
Take the time to research and evaluate various executive search firms. At a minimum look at the firm’s website and get a feel for what they say they do. Look for firms with a solid reputation and a history of successful placements in your industry. You can ask for references from the firms or recommendations from trusted sources, such as industry colleagues or professional networks. Part of your research should be to speak with the firm, preferably the person who will be your main point of contact.
Expertise and Specialization:
Most executive search firms have a core specialization, where it be an industry or function. I believe it's essential to choose a firm that has a deep understanding of the legal sector and experience searching for attorneys. Not only is there a learning curve to approaching and engaging attorneys, a legal-focused search firm will start your search with a legal network established.
Model, Methodology and Process:
As you speak with the firm, find out how they work. This is everything from their engagement model with you to how they find and qualify potential candidates, and how they represent your firm with those candidates. I believe this area can truly separate the qualities and potential of the firms you wish to engage. There are several key characteristics in this area that may help you assess executive search firms with relation to whether they are right for you. I can help you in more detail with each of these if you desire, but at a high level, you should ask:
Do they work contingency or retained searches? What do they prefer and why?
How do they find candidates?
How does the firm align with your DEI strategy and plans? How do they “tactically” execute their plans?
What will the firm’s process be as they engage your firm? Are they open to specific changes that you may have like including reference or background checks, or even a standard approach to candidate evaluation.
Fees and Terms:
Discuss the fee structure and terms of engagement with the executive search firm. While cost should not be the sole determining factor, it's essential to understand the financial implications of working with the firm. Evaluate their fee structure in relation to their experience, expertise, and success rate, ensuring it aligns with your budget and expectations. Several points under this area that I believe are crucial include:
Contingency vs Retained Searches = Apples and Oranges. Make sure you understand each firm’s fee structure as it relates to their fees. Understand what makes each firm’s search engagement different (i.e. what is different about your contingency search than your retained search?) and why do they price each type of search engagement differently?
How do they calculate their search fee (or placement fee) rate percentage (%)?
In the end, selecting the right executive search firm can be a transformative decision for your organization. It can be the difference between having a “partner” help you achieve your firm’s goals in many areas or just having another “vendor” who presents a lot of distractions. By spending a little time and effort into appropriately vetting the executive search firms you may work with, you can find a firm that will effectively identify the right-fit attorney you need.