Finding the right experts to join your law firm can be challenging … but with the right approach and support, it doesn’t need to be. Colin White, an experienced executive search consultant and Director at Ortus Group shares some thoughts.
We recently received a call from a law firm that was looking for a real estate partner to lead and develop their practice. They had been looking for this person for over six months and despite ‘putting the word about’ and enlisting help from legal specialist recruitment agencies, they still hadn’t found ‘the one’.
The hidden costs of recruiting
But worse still, they were still at square one six months in after having spent over 50 man-hours trying, unsuccessfully, to find and attract the person they wanted. Even at a modest rate of £350 per hour, that’s £17,500 of hidden cost; and that’s before we consider the lost opportunity; had they found, recruited and inducted the special one, by now that person would be contributing to the bottom line by at least £15,000 per month.
Sadly, the above story with the huge wasted financial opportunity is all too common and yet it is avoidable. We all know that the very best people are rarely on the lookout for new career opportunities so it makes little sense to target people actively seeking a new role, yet that’s what frequently happens. While there are always exceptions to this rule, there are significant added risks to hiring active movers. If the role you are seeking to fill is too important to take those risks, executive search should be your first thought.
Want the right person? Use the right strategies to find them.
Executive search leads to more successful hiring decisions and consequently saves money because of the costs associated with getting it wrong.
A legal sector executive search specialist will provide a law firm with:
The four key things an executive search specialist will provide a law firm with
To ensure that a law firm is successful in the search for ‘the one’, the legal sector executive search specialist should be prepared to provide:
Access to the whole market
All relevant targets will be investigated, whether or not these people are actively considering a change. This gives you confidence in the candidates being connected with you as being the best possible, not just the best person who happens to be actively interviewing with your competitors as well.
Your name or your company’s name is never disclosed during the preliminary stages of a search project. This means absolute confidentiality throughout the research and engagement phases which protects your position, any sensitivity around the proposed appointment, and competitive advantage.
Deals are often lost when several firms court the same partners because you are one of several options being considered rather than the only one. A reputable executive search firm will represent you solely and never speak to another firm about the candidates generated on your behalf as long as you remain interested in them. Additionally, because the candidate engaged is unlikely to be seeking a move, they will not be seeking alternatives themselves which means you have a clear run with everyone you interview.
Focused attention that protects your time
A specialist executive search team will do all the leg work as well as produce a small number of reliable outcomes rather than a huge unqualified list, which means your time and attention is not taken unnecessarily from your clients, your team or your and fee generation responsibilities.
Find the best opportunities with Ortus Group
With more than 17 years experience in the UK legal sector, we have found and placed more than 200 senior lawyers in a diverse range of successful law firms. If you would like a no obligation chat to see if we may be able to help you find ‘the special one’ in your next strategic hire, please get in touch.