In parts one, two, and three of this popular series, we have enumerated a number of concerns that laterals have about the firms they are considering. In effect, those concerns or questions, if not properly addressed, will be viewed as obstacles to the sale, so the sale will not occur.

Just recently, a West Coast firm that believed they had a group of laterals sold was dismayed to discover that their offer was being rejected. The reason given was that the firm did a poor job of integrating new professionals into their community. This failure reminded me of a client of mine that had brought in a sizable and growing litigation practice. Though these individuals were not assigned to me as mentees (in my sales coaching work, clients choose a group of promising professionals for me to train), I thought it would be good manners to say hello and see how things were coming. The response I got was, “Not good! Hardly anybody talks to us. We feel like strangers!” I immediately approached members of the firm’s Executive Committee and shared the concerns as expressed by this unhappy female. Their response was, “Oh, thank you, Adam. It is important that we get on this right away. Rest assured, we will get this resolved!”

A few months later, I inquired with the same woman, who was the head of this expanding group, as to progress. She replied, “Terrible! We have been here for six months and you and two others are the only ones who have even stuck your heads in my door. We never would have come here if we had known that their representation to us as our being welcomed into their close family was totally untrue. We are not happy, Adam!” Once again, I sought out members of the Executive Committee to pass along her concerns. The response was, “Oh, you mean no one has been interacting with that group still? I am going to get on the phone right now and get this fixed. Thanks, Adam, for being so helpful.”

Several more months went by, and it was the internal mail clerk who discovered that the offices of this seven-man group had been abandoned over the weekend. Apparently the group had moved out. This group that had now increased its sales by forty percent would not even talk to its former firm whom it regarded as rude and dishonest. Bringing laterals on board is an extensive process that requires sustained effort in order to succeed. My 25 years of experience have shown me that firms rarely do this well. Additional areas to be prepared for when speaking to potential laterals include:

It is a rare situation that firms properly prepare for marketing to laterals; and even worse, once the lateral is on board, firms rarely integrate well without guidance from an outside expert.

Comedy Corner

Wouldn't it be great to turn on the television and hear any U.S. president, Democrat or Republican, give the following speech?

I have instructed the Mayor of New York City to begin towing the many UN diplomatic vehicles located in Manhattan with more than two unpaid parking tickets to sites where those vehicles will be stripped, shredded and crushed. I don’t care about whatever treaty pertains to this. You foreign diplomat types have tens of thousands of unpaid tickets and you have been grossly abusing our hospitality and generosity. Pay those tickets by tomorrow or watch your precious Benzes, Beamers and limos be turned over to some of the finest chop shops in the world—and the largest surviving remnant of your overly luxurious vehicles will be the cigarette lighter. I love New York.