A winning battle strategy is critical for law firms to compete in 2022's war for talent. In this webinar we will reveal high-impact ways to increase hiring success, lower lateral risk and share how leading law firms are using effective due diligence to better attract, acquire and keep talent.

1. 1
2020 WithumSmith+Brown, PC
Winning the War for Talent in 2022
Insights from Withum’s Law Firm Advisory Team and
Decipher Investigative Intelligence

2. 2
2020 WithumSmith+Brown, PC
 Legal industry veteran with 25+ years of experience working with law firm
managing partners, department/practice leaders and C-suite executives
 Advises clients on strategic planning and growth, succession planning, firm and
practice management, brand strategy, marketing and business development
and client relations
 Facilitates law firm retreats and provides leadership and management
development and marketing/business development training programs
 Guides clients to smart growth, intergenerational transition and effective,
motivational management
 Has been quoted in the New York Times and the legal press, written for
leading industry publications and been featured at national and regional
conferences, seminars, workshops and retreats
Marci Taylor
JD, Principal, Law Firm Advisory at Withum

3. 3
2020 WithumSmith+Brown, PC
 More than 40 years of experience in private industry and public accounting
with law firm expertise in practice management, law firm profitability
analysis, business and strategic planning, business succession planning,
partner compensation plans, cash flow management, budgeting and
forecasting, operations review, and auditing and tax.
 Senior Executive, focused on turning financial data into bottom-line
growth
 Frequent speaker on practice management issues for The Managing
Partner Roundtable Summits and Forum as well as on various Law Firm
issues for the ALA, NJ, NYC and Bucks County Bar Associations
Bill Sansone
CPA, Partner, Practice Leader, Law Firm Advisory at Withum

4. 4
2020 WithumSmith+Brown, PC
 Entrepreneurial leader, lawyer and Solicitor, with a global mindset and
more than 20 years of success building and strengthening professional
services businesses.
 Built innovative and successful international legal recruitment businesses
on both sides of the Atlantic, and beyond.
 Founder and Chief Executive Officer at Decipher, an investigative
intelligence firm that assists leading international law firms, legal
departments, financial services firms and corporates to mitigate talent risk,
improve performance, and save money.
 More than 20 years of professional services experience, spanning careers
as a legislative analyst in the U.S. Senate, trial lawyer, international
executive search professional, and entrepreneur.
Michael Ellenhorn
Founder and CEO, Decipher Investigative Intelligence

5. 5
2020 WithumSmith+Brown, PC
CLIENT CPE
Today’s Objectives
Introduction
Talent market overview and best practices
Discussion Q&A
Key takeaways/priorities

6. 6
2020 WithumSmith+Brown, PC
TALENT MARKET OVERVIEW
AND BEST PRACTICES

7. 7
2020 WithumSmith+Brown, PC
Demand
Growth
+ Direct
Expenses
+ Associate
Turnover
= The Perfect
Storm
Competition for talent is
at an all time high
Talent Market Overview
+ Talent
Pool

8. 8
2020 WithumSmith+Brown, PC
Why Associates Move
27%
of AmLaw 200 associates
said they would leave their
current law firm for higher
compensation
–ALM–
60%
of AmLaw 200 associates
said they would leave their
current law firm for a better
work-life balance
–ALM–

9. 9
2020 WithumSmith+Brown, PC
Where We Stumble
Lateral partner failure rates are high
48% of laterals
leave their new
firm within 5 years
62% of laterals fail to
bring their promised
book of business
35% of laterals
fail to fit in at
their new firm

10. 10
2020 WithumSmith+Brown, PC
Where We Stumble
Lateral stats
95% increase in candidates’
claimed books of business
$1.2m
$2.4m
since March 1, 2020 (astonishing
increase unseen until now).
57% increase in red flag
rates over the last year
21% pre-pandemic, 33% during pandemic

11. 11
2020 WithumSmith+Brown, PC
Talent Risk
The overall legal talent market is
“fraying at the edges.” As the
market tightens, quality decreases,
which increases the need for
better retention efforts and
greater pre-hire due diligence.

12. 12
2020 WithumSmith+Brown, PC
Why Your “Talent Brand” Matters: Laterals Shop Around
According to the 2020 Acritas Lateral Partner
Satisfaction Survey:
70% of partners looked at more
than one firm before making a
move.
How many firms did you
consider?
• One – 30%
• Two to three – 35%
• Four to six – 27%
• Seven to nine – 4%
• Ten or more – 4%

13. 13
2020 WithumSmith+Brown, PC
What They Look For
According to the 2020 Acritas Lateral Partner
Satisfaction Survey:
Practice Area Support and Firm Culture
are the top motivators for lateral
partner moves – beating out
Anticipated Compensation.
On a scale of 1 to 5, they ranked the following on
importance:
• Practice Area Support – 4.41
• Firm Culture – 4.3
• Personality of Partners – 4.16
• Firm’s Financial Health – 4.10
• Well-Managed – 4.10
• Anticipated Compensation – 3.71
• Compensation Structure – 3.62
• Client Base – 3.27
• National/International Presence – 3.26
What Laterals Want

14. 14
2020 WithumSmith+Brown, PC
What They Look For
Acritas asked laterals whether they
received “adequate and accurate”
information about the firm in several
categories.
• Financial Health – 77%
• Compensation Practices and
Procedures – 75.4%
• Governance Mechanisms and
Procedures – 68.2%
• Practice Support – 73.2%
“Adequate and Accurate”

15. 15
2020 WithumSmith+Brown, PC
How Candid Was the Firm?
Very Candid: 44%
Somewhat Candid: 38%
Not Very Candid: 11%
Not At All Candid: 6%
Can’t Say: 2%

16. 16
2020 WithumSmith+Brown, PC
Recommended Best Practices
Assess your talent brand and
the strength of your firm
culture
Establish your talent brand
in the market as a
differentiator
Increase associate retention
by focusing on wellness
and work-life balance
Utilize data and objective
talent market analysis to
improve recruitment efforts
and lower recruitment spend
(without recruiters)
Improve pre-hire due
diligence to eliminate
potential “bad hires” and
increase retention rates

17. 17
2020 WithumSmith+Brown, PC
The War for Talent

18. 18
2020 WithumSmith+Brown, PC
Department and Practice Group Challenges
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0
Leadership training
Marketing
Collaboration on client projects
Leadership succession
Strategic planning
Utilizing technology for communication
Client succession
Profitability
Professional development/training
Utilizing technology for service delivery
Business development
Attracting/retaining talent
Q18. Please rate the level of importance of the following practice group issues. [1
being least important, 5 being most important]

19. 19
2020 WithumSmith+Brown, PC
GROWTH
STRATEGY
TALENT BRAND
STRATEGY
COMPENSATION
STRATEGY
EMPLOYEE
ENGAGEMENT
CULTURE

20. 20
2020 WithumSmith+Brown, PC
Talent Brand Promise
Employee
Experience

21. 21
2020 WithumSmith+Brown, PC
The War for Talent
• Compensation is a factor, but also:
• Value and meaning
• Being appreciated and recognized
• Opportunities for growth and personal satisfaction
• Contributing to something larger than yourself
• Being part of a firm with vision and strategic direction

22. 22
2020 WithumSmith+Brown, PC
It’s all about Firm Culture
• More than just social gatherings, contrived settings
• The Culture Code
• Building safety
• Sharing vulnerability
• Establishing a purpose
• Organizational self-awareness
• Cultural audit/assessment
• Core values

23. 23
2020 WithumSmith+Brown, PC
QUESTIONS?

24. 24
2020 WithumSmith+Brown, PC
Questions and Contact
• Marci Taylor
mtaylor@withum.com
• Bill Sansone
bsansone@withum.com
• Michael Ellenhorn
mellenhorn@decipherglobal.com
• Withum Law Firm Advisory Services
https://www.withum.com/service/law-firm-advisory-services/