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Business Plans: A New Reality

By Sharon Mahn

A couple of weeks ago, I was a panelist at an event sponsored by the New York Bar Association. The event was designed to help attorneys learn the importance of, and how to produce, a business plan.

Ten years ago when I first became a legal recruiter, business plans were not a regular part of the screening process for lateral partners. But as lateral movement became more common and the number of interested partners grew, law firms added more criteria. And now that the legal industry is reeling from losses, layoffs and downsizings, lateral hires are being run through an even more stringent gauntlet. Many firms now want to see business plans from all lateral partner candidates.

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