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  • Determining Your Book
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  • Interviewing - The Four 12's
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Determining Your Book

The next step to have a successful Lateral move is to evaluate your Portable Book before any introductions begin. Frequently, when we speak with Partners they don't know their books. This can have a very limiting effect on their candidacy.

Firms look to Search Executives to gain an accurate understanding of a Lateral Partner Candidate's book prior to presentation. The first question we are asked when we present a candidate is, "So, what is their book?"

Prospective firms compare the Candidate's Book to their RPP (Revenue Per Partner). If a candidate's book is significantly lower, there is no interest, and the candidate is declined. If the book is overstated, the Candidate's future will be tenuous based on false expectations developed by the Prospective Firm in the evaluation/offer process and the resulting conclusion that the Practice they bought is not a profitable fit.

In general, firms budget 30% of a candidates book as their planned compensation. So if the book is stated low, the income/book ratio will be high and the Firm will pass on the candidate.

The initial presentation of the Candidate's Portable Book should match the Portable Book number in the Partner Profile which the candidate fills out after the interviews, but before the compensation discussion. There is seldom a second chance to restate your book after the initial disclosure.

This is why Willow Wolff & Grace Co. invests time up front with each candidate to accurately size their portable book. Our goal is to be accurate and to take the Candidate to those firms which will have an interest in the Candidate based on an initial financial fit.

In this process, we ask a Candidate to think beyond what they get credit for in originations at their present firm. It is our experience that even though a different Partner may get origination credit for a Candidate's billings, a client may maintain their relationship and workflow with the Candidate at the new firm because of the quality of their work and the confidence the client has in the Candidate.