In this episode of Steve's Rules, podcast partners Murray Coffey founder and principal of M Coffey and executive recruiter Steve Nelson from The McCormick Group discuss some of Steve's market updates and then go deep on best practices in legal recruiting agreements.. This episode should be of special interest to those on the law firm side responsible for engaging executive recruiters for lateral placements.
Key Topics:
- Increased Government Hiring by Law Firms
Steve highlights the recent surge in law firms hiring from key government agencies, including the DOJ, SEC, and FTC. This trend reflects law firms’ increasing need for regulatory expertise, especially amid policy shifts and anticipated changes from upcoming elections. Steve explains how this affects the demand for experienced attorneys from federal agencies. - Employee Benefits Partner Hiring Report
Steve shares insights from McCormick Group’s new report on ERISA and employee benefits partner hiring. As mergers and acquisitions increase, firms are turning to highly specialized attorneys in this technical area to support complex deal structures. Steve discusses why these roles, though not profit centers, are crucial client retention tools.. - The "Poison Pill" Clauses in Law Firm Recruiting Agreements
Steve discusses three key “poison pill” provisions in partner recruiting agreements that can make firms less attractive to recruiters and dissuade them from bringing top talent forward:- Fee Caps for Large Groups: Some firms impose strict fee caps on large group hires, which can be problematic if they aren’t consistent with the market for securing these high-value placements.
- Guarantee Periods and Conflicts: Onerous refund requirements, particularly when partners are forced to leave due to unanticipated conflicts, put undue burden on recruiters making placements less appealing.
- Non-Recruit Clauses: Blanket restrictions on recruiting, particularly not tied to placements, can limit long-term partnerships with recruiting firms.
Steve emphasizes that balanced, reasonable agreements foster stronger recruiter-firm relationships and ensure access to the best talent.
Bonus Content: Here is a link Steve referenced to the documentary film about his friend and fellow Key West, Florida stand-up comedian Tom Dustin: Portrait of a Comedian
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