AUGUST
2003
What's New

1. Making a Lateral's Business Plan Productive.
2. How does a Firm make a Silk Purse (a Rainmaker) out of a Lateral's Small Book?
3. Why Dont' you Make Rain? Find Out.
4. Broadcast: Improving your Rainmaking Skills.

LATERALS provides 11,176 law firm partners with monthly information on recruiting and rainmaking issues. We are attorney recruiters who have lateraled and/or merged over 1,000 attorneys since 1979. As a result, LATERALS is about the real world of lateraling and rainmaking.

Visit the Sears & Associates web site at www.mentoringpros.com. Visit our Media Center to learn more about our online seminars, pre-recorded broadcasts and publications. Learn what the New York Law Journal had to say about my book, "Making Rain" and download its first three chapters.

THE WORLD OF LATERALS
MAKING A LATERAL'S BUSINESS PLAN PRODUCTIVE

In the last 10 years, my estimate is that we've increased the percentage of firms which require a business plan from a new lateral from about 20% of AmLaw 200 firms to about 70% -- and it's probably going to 100%. But what's the point of 'requiring' a business plan from a lateral who already has a big book? Having worked extensively with both candidate and hiring firms on this issue during the hiring process, I suggest that a well conceived business plan can have these advantages for both parties:

It makes sure that there are few misunderstandings about who is going to do what;
It helps both sides focus on what's going to happen in a specific practice group;
It puts a strong spotlight on potential conflicts;
It provides a benchmark against which to measure results; and
It provides a clear vision of the Firm's strategy.

Who likes to draft these 'beneficial' business plans? The answer is nobody likes to do it. But the payoff can be terrific. We've participated in hundreds of lateraling business plans for candidates we've recruited. As result we've become convinced about the core elements of a good plan. A good attorney business plan should include these 3 core elements, at a minimum:

1. What's Mr. (or Ms.) Wonderful bringing with them?
2. What's the firm going to do for them?
3. How is the syergy going to help them boost the practice together?

And it should follow these rules of presentation: it should be as quantified as possible; avoid exculpatory language (one sentence will do); and make sure that any uncertainties are set forth.

Try it, you'll like it.

WHAT DO YOU THINK?
Here's your chance to see how the profession views Business Plans. If you participate you'll get the results next month. Just answer these two questions:

1. What % of your laterals presented a Business Plan?
None
less than 20 percent
less than 20 percent and more than 60 percent
more than 60 percent

2. What % of their Business Plan projections were met?
None
less than 20 percent
less than 20 percent and more than 60 percent
more than 60 percent

WORKING WITH LATERALS
HOW DOES A FIRM MAKE A SILK PURSE (A RAINMAKER) OUT OF A LATERAL'S SMALL BOOK?

There are few firms that need another worker bee in this economy. The problem for most firms and candidates is one assumption. It is that the best rainmakers are those who come with the biggest existing book of business. Our survey indicates that this belief is shared by about 80% of the AmLaw 100 and about 60% of the AmLaw 200.

But the belief isn't necessarily true. There are a number of real life reasons why. All of which come from our experience in lateraling over 1,000 attorneys. A summary of those reasons are:

The big book lateral is wanted by every firm and, therefore, comes with a big price tag;
That big price tag can substantially increase the risk for the hiring firm; and
It's true that a big book usually means good interpersonal skills.

However, there is a positive result of the last three year's economy. There are some good candidates without big books, because:

They've been forced to see the light and need to mend the error of their ways;
As a result they're looking for a new home to show their new skills; and
The hiring firm can make a deal to protect itself against the candidate not working out.

In our experience, this new trend proves the adage about there being a gift in every problem. The gift in the downturn can dramatically:

expand the available pool of 'good candidates;
reduce the law firm's finanical risk in bringing aboard new laterals; and
enable law firm management to grow internal talent, thus reducing turnover.

While this is counter to the prevailing trend, we have had multiple experiences in this down economy, verifying its efficacy. This has been our experience in enough major cities all over the U.S. to feel comfortable that it works.

IMPROVING RAINMAKING SKILLS
WHY DON'T YOU MAKE RAIN? FIND OUT.

The senior management of every law firm regularly measures the amount of new business, or 'rain' that you originate in order to evaluate performance, determine compensation, and pay bonuses, if any. If you're not satisfied with your results, or worse, if your firm's not satisfied, do you know where to turn to find out why you can't make enough rain?

Three years ago we created a Confidential Rainmaking Analysis questionnaire whose results conclusively tell you why you can't make enough rain. Sound impossible? Well it's not. It's worked time and time again for thousands of attorneys. We published the questionnaire online, so you can answer the questions and get your personal, confidential report, anonymously, from our secure web site.

When I wrote the Novel "Making Rain" and created its Confidential Rainmaking Analysis, it allowed attorneys to see themselves through their answers to questions about the book's characters. After reading the book, you're invited to answer 150 questions about the characters and their responses to the scenarios that I've laid out in the book. The result is a capsulized view of yourself since people generally answer questions about other's activities through their own eyes.

You can purchase "Making Rain" and then complete the Confidential Rainmaking Analysis online, both for $70.00.

PRE-RECORDED PROGRAMMING
IMPROVING YOUR RAINMAKING SKILLS

Candidates are often confused about what to do to climb over the hurdles to be a rainmaker. This confusion comes from one of their key limitations: I didn't go to law school to be a salesman.

Join me online as I talk about how to determine the core issue in making rain.

ONLINE BROADCAST: THE CORE SECRET TO RAINMAKING.

Laterals is published monthly by Sears & Associates, a national attorney search firm since 1979.

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Sears & Associates
RECRUITING AND DEVELOPING RAINMAKERS SINCE 1979
Delray Beach, FL USA
(561) 638-4750 phone
(561) 637-6585 fax
Web Site: www.mentoringpros.com