Using Business Plans As a Due Diligence Tool For Lateral Partners

Practice group structures, marketing departments, Chief Information Officers, even off-site operations centers ' each of these now commonplace elements of big law firm life is a manifestation of the business focus these firms have adopted. We all see it, with varying degrees of approval. Global law firms now develop and follow business strategies. Slowly, these firms are bringing a similar business focus to their lateral partner recruiting. For partners who think they might move firms at some point, and for firms doing battle for talent in the lateral market, bringing a business perspective to your analysis can save a lot of time and energy. A properly prepared business plan will prevent the loss of countless (otherwise billable) hours and, more important, help avoid making the wrong move.