In our June edition, Leathwaite discussed the common pitfalls and failures in lateral partner hiring and the value that Due Diligence can offer in mitigating these risks. It is well-documented that firms often struggle to maximise the success rate of lateral partner hires, with some reports claiming that up to 50% of lateral partner hires fail.
How accurately these figures represent any one firm’s experience will vary greatly, but it is clear that there is more that Professional Services firms can and should be doing to hire the right partners. Careful consideration is required to ensure not only the alignment of a business plan with firm strategy, but also that the individual successfully integrates into their new firm.
The majority of firms now regard Due Diligence as an integral part of their hiring process and, in the current environment, it is more critical than ever before. In contrast, some firms still appear to grapple with how best to include Psychometric Assessment as part of their interview process.