“This is the third post in a five part series on Competitive Intelligence. Check out the first post “What General Counsels Care About” and the second post “Analyze how you stack up!” to catch on this can’t miss series covering key areas of competitive intelligence with Manzama Co-Founder and CEO, Peter Ozolin.
Week # 3: How Being Aware of Lateral Movements Can Lead to New Revenue
By now most firms will acknowledge that at least some percentage of expected growth will come from a firm’s ability to attract new partners–there’s nothing revolutionary there. Traditional methods call for some sort of needs analysis or an outside agency to assist in identifying target laterals. In other cases, it’s much less formal, e.g., “hey, I met this partner over at firm XYZ and I think he might be a great fit for our firm…”
But what may be lacking is a more calculated approach to finding and assessing recruiting possibilities out of other firms. This is where an analysis of competitive lateral movements comes in. Our recently published competitive intelligence report covering a set of ten of the world’s top firms analyzes movements across practice groups and examines their susceptibility to partners leaving their ranks. We generated this metric using the Manzama platform, quickly assessing lateral strength and weakness across various practice areas within the set. The chart below specifically shows the gains and losses of partners from the top law firm Dentons. I’m not inclined to draw any specific conclusions from the below chart, but one might evaluate a gain/loss ratio of the various practice areas in which Dentons operates. This kind of analysis can be scaled to cover multiple firms. I’m guessing you’re already imagining the results across your own competitive set, but are you correct in your assessment?
From here, it’s a pretty simple extension to look at firm bios for a “top of the funnel” approach to identifying specific targets at those firms based on interest and susceptibility.
I want to clarify that I certainly don’t consider traditional methods to be ineffective or antiquated. But complimentary approaches or new techniques may result in opportunities that may have not been uncovered otherwise. That’s never been more important in today’s ever-changing legal landscape.
Next week: We will take a look at moving beyond traditional media and into the “rumor mill” to identify insights that may lead to identifying opportunities before they’ve become yesterday’s news.