The Foster Group Featured in Law.com on "How Forward-Looking Recruitment Can Advance Lawyers' Careers"
/As Boomers Retire, Law Firms Need to Hire: How Forward-Looking Recruitment Can Advance Lawyers’ Careers
“Attorneys whose careers have focused on the pure practice of law may not be the ‘go-to’ profile for a succession opportunity,” write recruiters at search firm The Foster Group. “Rather, the ideal candidate will also be entrepreneurial and client-facing — they will have shown an aptitude for, and an interest in, client development and management.”
As trusted advisors to firms and attorneys alike, we recruiters know what types of attorneys firms are seeking, as well as the types of opportunities that attorneys want. One of the most notable trends in the legal field that we have observed involves firms hiring to support succession planning. For attorneys looking to accelerate their careers, this trend provides a rare opportunity to take a significant step forward.
To secure such a position, however, attorneys must understand the unique skill set firms seek and how to properly position themselves.
Why is succession hiring trending now?
The increase in succession planning is partially driven by attorneys from the Baby Boom generation retiring, with demographic data showing that approximately 10,000 new Boomers hit retirement age each day. In 2020, over 29 million Boomers across the workforce retired. At the time of this being written in August of 2023, the youngest Boomers are now 57 years of age and the oldest is 75.
Most firms tend to encourage partners to start thinking about an exit strategy as they approach their early to mid-60s, and to consider changing their partnership status as they hit their late 60s. Many firms will even start talking to partners in their late 50s about transitioning clients to more junior partners.
Another driving factor stems from how law firms are evolving and developing their strategic growth plans. Firm management spends a significant amount of time discussing the strength and growth of key practice areas firmwide. While key practice areas differ from firm to firm, management will allocate significant resources to support their core practice groups and take steps to ensure they have a succession plan in place to effectuate their short- and long-term goals.
To a lesser degree, the COVID-19 pandemic may also be driving the uptick in succession planning. The flexibility resulting from pandemic-related mandates allowed attorneys to see what life away from the office could look like. Those who liked what they saw have accelerated their pace toward retirement.
How can attorneys take advantage of the trend?
It is critical for attorneys to understand that the process involved with succession hiring is different from the typical lateral search. Because of the unique factors at play, getting assistance from a seasoned legal recruiter is paramount to success.
For one, opportunities related to succession are not widely publicized. Even within firms, it is not a topic discussed outside of a select group that is tapped to assist with the process. Recruiters are among the few outsiders privy to the news that a firm is looking for a successor to an important partner. As such, engaging with a recruiter is likely the only way most attorneys would find out about these opportunities.
In addition, firms engaged in the succession process are looking for candidates with a unique blend of skills. Because recruiters can speak directly with managing partners and others involved in the hiring process, they have insider information on the unique skill set being sought. Consequently, they can help attorneys position themselves in a way that best aligns with what the firm is seeking.
Who is the ideal candidate for a succession opportunity?
Typically, a key goal of succession planning is to shore up and cement client relationships and continuity of service in a key practice area. With this in mind, technical skills and expertise, while essential to retain client confidence, are not in and of themselves sufficient.
Attorneys whose careers have focused on the pure practice of law may not be the “go-to” profile for a succession opportunity. Rather, the ideal candidate will also be entrepreneurial and client-facing — they will have shown an aptitude for, and an interest in, client development and management. An attorney turned off by the prospect of client/practice development and management is likely not an ideal fit for the role.
Client-facing abilities are key to the role, as firms want to see someone with high emotional intelligence and strong interpersonal skills. Skills that help engage clients and drive practice growth are very valuable.
Firms are typically interested in attorneys who are up-and-comers. They are looking for candidates with a longer trajectory in front of them, which allows for more time to introduce the attorney to long-term clients, allow time for them to become comfortable working together, and garner trust before a transition occurs. In addition, it extends the timeline before the succession process needs to be engaged again.
A track record of business development is also important. Even if an attorney does not presently have a fully self-sustaining practice, it is valuable to demonstrate a track record of client and matter development.
Those who bring a good number of these qualifications will further benefit from having connections with the firm that is hiring. To the extent that an attorney has made a favorable impression previously, this will carry a lot of weight.
Do successors typically come from within a firm?
Hiring a successor from within has its benefits, not the least of which is a strong cultural fit. An attorney already familiar with the firm, its values, the work itself, and the clients will bring a high degree of continuity and alignment to the succession process.
However, an heir apparent is not always in place. Furthermore, firms often prefer to go to market and meet with external candidates to ensure they have the strongest alignment.
Succession hiring provides an excellent opportunity for an attorney to substantially accelerate their career. Attorneys spend years and devote countless hours and business development dollars to building their practice and client relationships. Securing a succession opportunity will accelerate that process by years, substantially increase a partner’s earnings, and fast-track an attorney’s career trajectory.