Securities Docket - Ask a Recruiter: I’m Ready to Get in Front of Law Firms. Now What?
Weekly Career and Market Insight for Securities Docket Readers from Macrae recruiter Rachel Nonaka, Managing Director in Washington, D.C. and a Former Attorney for the SEC. Have a question you’d like her to answer? Send it to Rachel.Nonaka@macrae.com. ( No names or other identifying information will appear in this column.)
Last week, I provided an overview of what partners looking to make a lateral move need to do before launching a search. This week, we get into the exciting (and sometimes dramatic) stuff: what happens once all of the info you and your recruiter painstakingly prepared is actually in front of your target firms?
Let’s go!
The Launch
The day we confidentially submit a candidate’s materials to law firms is known as “launch day,” or “D-1” in Macrae parlance. An initial submission is typically reviewed by a firm’s Office Managing Partner (OPM), the relevant practice group leader, and/or head of lateral partner recruiting. While I’ve had candidates hear back from a firm within a few days, it more often takes a firm 2-3 weeks to weigh in. Very. Long. Weeks. Which leads us to…
The Slog
Lawyers are not particularly good at waiting. (Recruiters – many of us former lawyers – aren’t, either. Which is why it helps to work with a recruiter who will hustle to get firms to respond to your submissions.) But, rest assured, once firms begin indicating interest, your calendar will quickly fill up with in-person and virtual interviews.
The word “interview” doesn’t quite fit the bill, though, because at this stage in your career what you’ll really be having are business meetings. Both you and the firm will engage in candid conversations about the viability of going into business together. From the candidate’s perspective, the objective of these initial conversations is to determine the gap or hole the firm has and how your skillset might fill it. The first few rounds of meetings will include the OPM, the practice group chair and partners in that group. You should focus on substance; what will your work (clients and matters) look like on this platform. How will you be (more) profitable? Save any burning questions related to culture, promotion, compensation, etc. for much, much later. You can expect the slog to last several weeks.
The LPQ
Midway through the interview process, an interested firm will ask candidates to complete a Lateral Partner Questionnaire (LPQ). There is no standard LPQ – much to the chagrin of candidates and some industry insiders who have proposed standardization along the lines of the college “common app.” However, there’s a good deal of overlap among the information firms will quiz you about. Namely, they want specifics on your history of originations, hours billed, portable clients, and compensation. They may also request more detail on leadership roles you’ve held, involvement in DEI initiatives, and other activities the numbers alone don’t reveal. After reviewing your LPQ, the firm may start running a conflicts check. The next step will be to invite you to meet with members of the executive or management committee.
The Offer(s)
Firms’ initial offers are often “soft” offers you won’t see in writing. Once you have an offer on the table, it’s vital to work with your recruiter to try to ensure that other firms extend one (or not) within a reasonable amount of time. On multiple occasions I’ve seen one firm make an offer well ahead of the pack – along with a tight deadline – while a firm the candidate prefers appears to be in no rush whatsoever. This is where it can be helpful to have someone else advocating for you.
These early offers will include base compensation as well as any potential or guaranteed starting or year-end bonus. Your recruiter will advise you as to whether it is fair and aligns with the firm’s compensation structure – namely, that you won’t be underpaid or overpaid (believe it or not).
Due Diligence
Once you have an offer, the tables are turned. It’s time to climb into the driver’s seat and ask the hard (even juicy) questions. How do the firm’s financials look – do they carry a lot of debt? Has the capital contribution remained relatively consistent over the last 10 years? What is the turnover rate for both associates and partners? The average hours billed for partners firmwide and/or within your practice? Will the firm increase your billable rate (and how are your clients likely to respond to this)? Now’s the time to ask, “Tell me more about that surprising story I saw on Above the Law…” And, importantly, if there are any specific partners you’d still like to meet, now is the time to make that happen.
Once all interested firms have shared their offers, discuss with your recruiter the possible reasons for any monetary discrepancies you’re seeing. This goes without saying, but firms range dramatically in their overall profitability – and you may be surprised by which firm is offering what. At the end of the due diligence stage, your chosen firm will ask that you verbally accept the terms of their soft offer.
“I do!” (Acceptance)
At long last, the firm you’ve decided to move forward with will put their offer into writing. You’ll sign off and, subject to clearing conflicts and reference checks, along with a favorable partnership vote, you’re done. You love your new firm and the firm loves you. You can breathe a sigh of relief. Pop champagne. Sleep in. Or, perhaps, run a few miles if that’s more your thing. Whatever the case, celebrate! And make sure to thank your recruiter.
Did you miss the first article in my two-part series on the lateral move process? Catch up here: How to Prepare for a Law Firm Job Search.
Again, if you have a question for the column, shoot me an email. If you’d like to have a confidential discussion about your career, please drop us a note here.