Are you a Partner looking for a move to a new law firm?

What should be your first step?

Lateral Partner Business Plan.

1. Executive Summary (100-200 words)

• Brief bio/CV highlighting key strengths and accomplishments

• Overview of practice, experience, and specialisations

• Notable roles, work history, and community involvement

• Future practice expectations

2. Current Business

• Detailed breakdown of existing clients and work

• Revenue projections with explanations for changes

• Origination information and client relationships

• Business development track record

3. Future Opportunities

• Define ideal client and competitive advantage

• Outline specific opportunities with new firm

• Discuss potential for practice growth and expansion

• Realistic projections for future business development

Keep the plan comprehensive yet concise, focusing on demonstrating your value to the new firm. Maintain credibility by providing realistic projections and detailed information about your current and potential business.

Even if not actively seeking a move, having an up-to-date Lateral Partner Business Plan is beneficial for exploring future opportunities or self-assessment.

NEXT - The LPQ

The Lateral Partner Questionnaire (LPQ) Purpose.

The LPQ is a standard due diligence tool used by law firms during lateral partner recruitment.

It helps firms assess potential risks and verify information about a candidate's portable business, client relationships, and overall fit.

Key Information Requested in LPQs:

1. Personal and Professional Background

   • Education, bar admissions, employment history

   • Professional memberships, board positions

   • Pro bono and charitable involvement

2. Financial Data (typically 3-5 year history)

   • Compensation history and expectations

   • Productivity metrics (billable/non-billable hours)

   • Financial performance (billing rates, originations, collections)

3. Client Information

   • Client list and representation history

   • Contact details and billing specifics

4. Additional Details

   • Disciplinary/legal history

   • Future projections and marketing plans

   • Staffing needs and other expectations

   • Professional references

   • Reason for leaving current firm

The LPQ is an essential step in the recruiting process, allowing firms to make informed decisions about lateral hires.

For more discussion, contact Rob Green on rob@thegrmgroup.com