Creating a Lateral Plan that Will Work
By John Fitzgerald, CPA, Chair of Law Firm Services at Berdon LLP
and Vincent Bell, President, Upstream Consulting Group
In an industry facing a decrease in billable hours per attorney, flat budgets at clients, and an increase in lower cost alternatives for legal services, law firm executives continue to recruit individual partners, practice areas, or firms as a growth strategy.
Such a “lateral” strategy can be costly on many levels if not planned and executed properly. In order to enhance your success rate with a lateral hire or merger, your plan should include four distinct phases:
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