Retained services: the model redefined

With each passing year, law firms have adapted what services they offer their clients as the needs of those clients change. I am no different.

Over the years, my clients have broadened their requirements from a headhunter and I have responded accordingly.

There is still a demand for a fully researched, retained assignment to be undertaken. In fact, that demand has increased over the past year or so. Often this is because there may be many potential targets and only through researching the market properly can a sensible, thought through list of potential targets be identified.

In certain niche or new practice areas, there may not be many possible targets. For example a firm might be interested in hiring a private equity partner focusing in the telecoms sector. In this circumstance, I would recommend paying a smaller retainer to map the market and to only fully research those targets that really hit the mark.

Other firms may, normally for timing pressures, just want to see a long list of partner names in the practice area in which they are interested. They can then quickly eliminate from the list those to whom they definitely do not want an approach to be made.

Finally, there are occasions when clients already know the market well enough to have put together their own list of targets,  but they understand the need for a third party to make the appropriate approaches.

In the last few months, I have been retained to work across these different methodologies. By not just having one service to offer potential clients, I can genuinely advise them on the best way forward to ensure their success in the lateral market.