The Strengths of Retained Executive Search: A Game-Changer in Talent Acquisition
/There are many options for law firm to consider as it builds and improves its recruitment strategy. A robust recruitment strategy will typically include three main components. Internally, a firm will have their own recruitment resource (a person or a small team) and a comprehensive program to engage partners, associates, and staff to proactively identify and attract potential future candidates. As important as the internal components, and a potential game changer for a fully equipped law firm recruitment strategy, is the component that has mixed reviews, a firm’s relationship with Executive Search Firms. In this post, I’ll present the strengths of one model available - retained search.
Mixed Reviews
To be candid, Executive Search Firms get very mixed reviews. Having been in and leading recruiting organizations for over 20 years I’ve learned the hard waythere are many variables in play that contribute to results ranging from “this firm was instrumental to our rapid growth” to “I didn’t even know they were working for us.” The myriad variables include operating model, engagement model, recruitment methodology, the firm’s relationship with their client, and the method in which the law includes the search firm into their strategy.
Strength in Retained Search
Each of these variables should be considered and, in this post, I will focus on why I believe the strengths of working with (the right) retained executive search firm provides a higher probability of success than contingency search. I’ve worked with both contingency and retained search organizations and our firm continues to work under some contingency agreements. We typically agree to work under a contingency to “break the ice” with a firm who is principally opposed to a retainer. It is only very rarely our recommended path forward. Through my experience in both models, I will offer that the strengths of a retained executive search firm far outweigh the low barrier of entry benefit of engaging with a contingency firm because:
1. Expertise, Specialization, and Expanding Reach: Retained executive search firms are known for their deep expertise and specialization in identifying and attracting specifically defined top-level executive candidates. Within the legal field, a retained firm will have a comprehensive understanding of the legal industry and possess in-depth knowledge of the specific skill sets and qualifications required for the roles in which they specialize. With their extensive networks and experience, retained legal search consultants can tap into a wide pool of talented individuals who may not be actively seeking new opportunities, but who could be the perfect fit for a particular role.
2. Customized Approach and Accountability: One of the key strengths of retained executive search is the highly customized approach it offers. Unlike other recruitment methods, where the focus is often on filling positions quickly, retained search consultants take the time to thoroughly understand their clients' organizational culture, strategic goals, and specific requirements for the executive role. This in-depth understanding allows them to tailor their search process, ensuring that only the most qualified and suitable candidates are presented. It also means that the retained search firm is engaged to win, not just try. Unlike a contingency agreement, a retained agreement will hold the search firm accountable for performance.
3. Confidentiality and Discretion: Retained executive search provides a high level of confidentiality and discretion, which is crucial when recruiting, especially for lateral attorney recruiting. Confidentiality is often essential for both the hiring law firm and the candidates being approached. Retained search firms maintain the utmost professionalism and ensure that sensitive information remains secure throughout the entire search process. This level of confidentiality helps protect the reputation of the law firm and maintains the integrity of the selection process.
4. Partnership and Long-Term Value: Retained executive search is not a transactional service but rather a partnership between the hiring organization and the search firm. Through close collaboration, a good search consultant will become a trusted advisor, guiding the firm throughout the entire hiring process. This partnership approach fosters long-term relationships and provides ongoing value, as the retained search firm can continue to support the organization's talent acquisition needs in the future.
Retained executive search stands out as a powerful and effective solution for law firms seeking to build a comprehensive recruitment strategy to recruit top-level attorneys and staff at all levels. Its strengths lie in the specialized expertise of search consultants, the customized approach, confidentiality, and long-term partnership. By leveraging the benefits of retained executive search, law firms can secure the exceptional legal and operational talent needed to drive growth, innovation, and sustainable success in today's dynamic legal business environment.