How to Hire Top Talent for Your Law Firm

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How to Hire Top TalentOne of the questions I am asked most frequently by my clients is: “How do I make sure I am hiring the best available person for this position?”

The question is important especially when the person asking it has an empty role within his organization and he needs to fill it immediately with a superstar.

This is part of the problem with the conventional view of attracting top talent.  People view it as a situational activity.  That means: someone quits, you begin the process of recruiting, interviewing a person to fill that role.

This is dead wrong.

That approach is based upon the view that people are an expense.

People are actually are an asset and they should produce a return on your investment in them almost immediately.

Note: If you do not have this view and you need to be convinced, please listen to last week’s podcast titled Six Strategy Questions that Predict Your Future.

Once you view people as an asset to your business, you begin immediately looking to attract as many of these highly valuable assets as possible because they will help you exponentially grow your income.

But What If I Don’t Have Any Money?

If you are making the proper hiring decisions, you only need to “bridge the gap”  between their hire date of this person and the day they start producing a positive return on your investment in them.  In most cases, that time frame is 90 days.

Here is an example:

As a transactional Intellectual Property attorney you hire a lawyer and pay her $150,000 per year.  That’s $12,500 per month (I’m using round numbers and not including benefit costs.)  If you only use her to work with new clients and her role is to only file new trademark applications and respond to office actions, how many months will she work with you before you begin seeing a positive return on your investment?

Well, let’s say you offer a package service. You do a United States specific search, file trademark applications and respond to office actions until the mark is approved or the pursuit of trademark protection is abandoned for $3,000 per mark.

If you bring in just five new matters each month, and this attorney handles them, you area receiving a positive return on your investment.

That is a simplistic example. Don’t get hung up on the specifics.  It simply illustrates the point of how you can receive a positive return on your investment quickly.

Always Be Canvassing

It is for this reason (return on investment in talent) I encourage my clients to always be on the lookout for talented people.

I use the A-B-C acronym, not dissimilar to the one in Glengarry Glen Ross. Except the “C” in my model stands for “Canvassing.”  Which is to say “searching for top talent.”

The System

Through the years I have developed a system to help identify, attract, hire and retain top talent.  It works well and it has become a competitive advantage everywhere I have initiated its use.  I have shared that system with my listeners in this week’s podcast.

Listen to the audio program on the player below or follow the link to download it.

How to Hire Top Talent

Talent can not only be your competitive advantage, it can also add enormous value to your firm. Consider implementing this system immediately.