The Lateral Partner Questionaire is essential for all lawyers considering a lateral partner move to another firm.
For those partners who have moved from one law firm to another, you are most likely familiar with the LPQ. For others, the LPQ may be just another useless acronym. However, if you plan to move to a new law firm, you should familiarize yourself with the LPQ. Why? Because it is a requirement for most law firms. In fact, a small number of firms may not even speak to you without it. Others may wait until you attend an interview or two to see if you will fit in. Regardless, you will have to deal with the LPQ at some point. Therefore, it is in your best interest to know all about the LPQ. The first thing is to know that stands for the Lateral Partner Questionnaire.
The Purpose of the Lateral Partner Questionaire
Asking you to fill out an LPQ is not personal. It is just business. It is part of the law firm’s due diligence during the recruiting process. Bringing in lateral partners with significant portable business certainly is appealing to law firms. There’s so much potential upside – new revenue, impressive clients, lawyers with excellent reputations, a deeper bench, and so forth. However, there is also considerable risk. What if the book of business is not portable because of conflicts? How is a firm to know if client relationships are solid? The lateral partner questionnaire is the tool that law firms use to verify the information and minimize risks. It is not an annoyance. Instead, it is just another step in the recruiting process.
The Information in the Lateral Partner Questionaire
While law firms have their own LPQ formats and processes, they all ask for similar biographical and financial information. Accordingly, this means that you must gather certain information, including:
- Basic Personal and Professional Information
- Education including Degrees and Graduation Dates
- Bar and Court Admissions
- Current Employer Information and Previous Employment History
- Professional Organization Memberships
- Board or Officer Positions
- Pro Bono and Charitable Involvement
- Compensation History and Expectations
- Disciplinary and Criminal History
- Adverse Legal Claims Including Harassment, Discrimination, Malpractice, and Investigations
- Productivity History – Usually for a 3-5 Year Period
- Billable Hours
- Non-billable Hours
- Future Projections
- Financials – Usually for a 3-5 Year Period
- Billing Rates
- Realization Rates
- Future Projections
- Client Information
- List of Clients Including History of Representation
- Client Contact Information
- Specific Client Billing, Collections, Billing Rate, and Work Histories
- Expectations and Needs
- Budgets such as Marketing, CLE, or
- Staffing and Administrative Support
- Professional References
- Disclosure of Other Business Relationships or Ownership
- Reason for Leaving and Probable Move Date
- Future Marketing Plans
Let Us Help You Complete Your Lateral Partner Questionaire
Admittedly, the lateral partner questionnaire can seem like a daunting project. We have extensive knowledge in this area and know how to efficiently, accurately, and effectively help you to complete them. We understand how to present the information to tell your most compelling story. At the end of the day, you will have to do a lateral partner questionnaire if you change law firms. The effort, especially with our help, is worth it. It is not a big lift compared to staying at a law firm that is not the right fit for you.
We are here to help you with the LPQ. It is just one step in finding your exact right perfect fit at a new law firm. Let’s schedule a time to talk. You can also submit any questions you have through our Q&A form, and we are happy to reply with the answers.