The 6 Critical Factors
Is it better to Lateral or to Stay at your present firm?
Lateraling is a serious step in a career that has typically been years in the making. There usually is no going back once a Partner makes a commitment to join another firm. Given that, we recommend to each Partner that we meet to consider three items:
1) Is it too late to achieve what you think you want at your present firm?
2) Do you have what it takes to be an attractive Candidate to firms that are of interest to you in achieving what you want?
3)Have you created a framework to evaluate prospective firms against your criteria so that you will not become a 'Serial Lateral' since approximately 30% of Laterals change firms again within 3 years of changing firms.
To assist our Partners in thinking through these three considerations, we have developed a framework called 'The 6 Critical Factors'.
They are:
1) Job Challenge
2) Lifestyle
3) Advancement Opportunity
4) Income
5) Practice Fit
6) Firm Culture
We ask each Partner to think through each of these six criteria and to write down what comes to mind for each. Then we ask the Partner to write down what needs to change in an area where they are unhappy for them to feel good. Next, we ask each Partner to rank these in order of importance. Finally, we ask each Partner to state what they need to do to achieve happiness and fulfillment at their present firm.
Sometimes Partners use this tool to put in place a plan to achieve their goals and to be happy again at their present firm. Sometimes, Partners gain commitment to moving because they now realize that their present firm won't work for them.
When this happens, we use The 6 Critical Factors as a basis for analyzing potential firms against a framework that is important for fulfillment at the new firm.
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