Law firms are expected to continue to use lateral hiring as a means to grow despite its questionable effectiveness, according to a new report by LexisNexis and ALM Legal Intelligence.
In fact, 96 percent of respondents say they intend to hire laterally throughout the next two years, and three out of four respondents say their firms are anticipating more lateral hiring in the next five years. Many law firms believe lateral hiring is typically the quickest way for attorneys to generate business, says Russ Haskin, the director of consulting and services at LexisNexis; however, Haskin does not agree with this approach and refers to it as a "knee-jerk" reaction.
While revenue growth remains the top considerations, law firms are falling short when it comes to supervising client satisfaction and client loyalty, the report finds.
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