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Revealed: lateral partner hiring doesn’t work

Agree with above, but there is another issue here and it is about why US firms hire in UK laterals. US firms are seeking to build market share in a market where the UK firms are holding onto their clients for dear life. If one looks at who advises the FTSE 100 one sees how little key advisers change. The other aspect is that great phrase 'institutional relationships'. When work dropped off in 2008/9 UK firms could not so easily point the finger at individuals and push them out. In a US firm, a newbie who claimed he was bringing X Bank, of Y Corporate, who then sees that work shrivel has no defence and nothing to fall back on. The US firm simply looks at the tiny income, the failed promises, and points to the exit. Final point, this seems to suggest that if US firms want to build solid UK practices then they will have to merge with UK firms - bringing aboard the institutional relationships and precious good will - otherwise the revolving door of failed hopes will remain in full-spin forever.

14-Feb-2011

11:00 am