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Ep. 19 - Why Attorneys Don't Hire All-Stars
Manage episode 453449518 series 3587832
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In this episode, Marc Whitehead and Diana Berry discuss my many firms are afraid to hire all-star attorneys and how those firms can face their fears. Firms have three main concerns about all-star attorneys: they are costly, they might leave after resources are wasted on training them, and they may leave and take staff and clients with them. Marc and Diana provide potential solutions to all three of these concerns. You cannot be the only top lawyer at your firm; as Marc puts it, you can’t scale yourself.
For detailed show notes, navigate using the time stamps below
[1:23] Today’s episode is about the fear that many firms have of hiring all-star attorneys. Many firm owners are powerhouses in their own right, and sharing the spotlight can be scary.
[2:59] You can’t scale yourself. If you are the only all-star attorney at your firm, the size of your firm will stagnate.
[4:53] There are three legitimate reasons that firms may be hesitant to hire top attorneys. First, they are more expensive to hire. Second, firms are concerned that attorneys will take valuable resources to train and then leave the firm. Finally, firms worry that top attorneys will leave and take top clients with them.
[7:25] An all star attorney is an attorney who you are confident can successfully work and generate revenue without you.
[10:12] Business owners worry about the cost of all-star attorneys. Marc believes that all-star attorneys should be able to generate three times the amount that they cost.
[14:26] You can address the concern about your top lawyers leaving by creating conditions where they want to stay. Treat your attorneys fairly and create a culture that they want to be a part of.
[20:09] To address the fear that firms have of their best attorneys leaving and taking their clients, Marc Whitehead & Associates has employees sign a fee split for clients that originate from the firm.
[26:59] Marc Whitehead & Associates has a non-equity partnership track for attorneys who have been a part of the team for seven years or more. This provides further motivation and incentive for top performers to stay with the firm.
Visit the Successful Barrister website: https://www.successfulbarrister.com/
Visit the Marc Whitehead & Associates website: https://disabilitydenials.com/
Email Marc Whitehead: [email protected]
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