Georgetown Law and TAGLaw Release Survey on Mid-Sized Law Firms
February 19, 2013 —
A recent survey conducted by the Center for the Study of the Legal Profession at Georgetown University Law Center and TAGLaw shows that mid-sized law firms view culture as a key factor in attracting prospective new lawyers. Respondents indicated that a firm’s culture was an important factor in attracting lateral candidates (second only to the overall quality of the firm), with 70 percent ranking it as one of the top two factors. Respondents also conveyed a high success rate with lateral hires, with 92 percent reporting that the majority of their firm’s lateral hires live up to expectations.
“The firms in our survey that are growing the fastest were the same ones that are most careful about their human capital,” commented Lisa Rohrer from the Center for the Study of the Legal Profession. “Successful mid-sized firms greatly value their culture and weigh cultural concerns carefully when considering possible lateral hire and merger opportunities.”
The firms in the survey, all members of the TAGLaw network and located across the globe, reported that they tend to avoid relying on lateral hires or mergers as growth strategies, with 90 percent citing organic growth as a key future revenue driver versus only 57 percent that plan to rely on lateral hires and 19 percent on mergers. A lack of interest in mergers was partly due to a desire to stay independent, with many respondents citing preserving culture as a key reason not to engage in merger activity.
“What this survey taught us is that the culture of a firm is an asset that can be used both to attract the right talent and to preserve a firm’s independence,” said Bob Sattin, president of TAGLaw.
For more information on the survey please contact Lisa Rohrer at firstname.lastname@example.org.