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In this episode of Steve's Rules, Steve has a conversation with Tim Corcoran of the Corcoran Consultant Group, a leading consultant on law firm compensation.  Among the topics discussed were:

• The primary issues that are leading firms to retain your services?
• The most frequent flaws in law firm compensation systems
• Balancing the contributions of rainmakers and key subject matter experts.
• How firms handle compensation of laterals, particularly in situations that those attorneys are not bringing all of their originated business to their new firms.
• How firms should design bonus programs for laterals

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The Trump Administration’s executive orders aimed at various law firms has resulted in the most significant issue that the country’s leading law firms have faced in recent memory.  Some pundits in the mainstream media have even predicted the demise of the firms that settled with the Administration. In this episode of Steve’s Rules, Steve and his McCormick Group colleague Dave Ris provide some insights on the impact of these orders and the law firm responses, with a particular focus on lateral partner hiring.  Subscribe

Key topics covered in this episode:

• Immediate impact on law school, associate and partner recruiting.
• Which litigators might be affected
• How corporate clients might react
• Impact on the DC offices of the Wall Street and other elite firms that have settled
• Possible chasm between “transactional” and “litigation” firms
• How this may impact Government Relations practices in DC

*Discussed in the podcast is Microsoft’s decision to drop one of the settling firms in shareholder litigation in Delaware.  https://www.reuters.com/business/microsoft-swaps-law-firms-shareholder-case-hiring-trump-adversary-2025-05-01/

*In the conclusion, Steve attributed a Bette Davis quote to the movie “It Happened One Night.”  In reality, it was from “All About Eve.”

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While the current environment is chaotic, savvy government attorneys, particularly those with administrative law experience, may find this the perfect time to make a lateral move into law firm practice. In this episode of Steve’s Rules, we take a deep dive into the legal market implications of the new Trump administration—particularly the regulatory shifts, enforcement priorities, and job market changes that will impact law firms and lawyers. 

From antitrust enforcement and white-collar crime investigations to the rise of administrative law battles and state-level regulations, we break down how law firms and legal professionals can navigate this evolving landscape.

We also touch on an important new resource: Steve and his team at The McCormick Group are launching a Legal Management Transitions Tracker, a monthly trend report on key Director and C-level hires and promotions in the legal sector. If you are a law firm leader or legal recruiter, this is a must-have resource for staying ahead. Subscribe.

Key Topics Covered in This Episode:

• How the Trump administration’s regulatory approach is reshaping law firm opportunities
• Why antitrust enforcement is shifting—but not disappearing  
• The evolving role of white-collar investigations and corporate oversight  
• How administrative law is becoming a critical battleground*
• The rise of state-level legal battles amid federal deregulation  
• Essential career strategies for government attorneys moving into private practice  
• The importance of building a digital presence for job seekers and legal professionals

And make sure you listen long enough the hear some spot on observational humor from Steve wearing his stand up comic hat.  

* In our discussion of the impact on administrative law related to "Chevron" we were referring to Loper Bright Enterprises v. Raimondo, 603 U.S. 369 (2024).   In this landmark decision, the Court overruled the Chevron doctrine, which had previously mandated judicial deference to federal agencies' interpretations of ambiguous statutes. The Court held that such deference was incompatible with the judiciary's duty to interpret the law.

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Get ready to uncover the dynamic shifts in the legal landscape with our esteemed guest, Patrick Fuller, Chief Strategist for American Lawyer Media. First, we discussed the ripple effects of recent elections on antitrust, international trade, and white-collar investigations, and even in mergers and acquisitions.  Then Patrick provides a deep dive into the data that is being produced by ALM regarding law firm profitability and growth, dispelling some misconceptions about what are the signs of law firm health.

Here are some of the highlights:

• PPL Over PPEP
  Patrick breaks down why Profit Per Lawyer (PPL) is a better indicator of a firm’s financial health than the traditional Profit Per Equity Partner (PPEP). It’s not just about the big numbers—tracking PPL alongside headcount and inflation gives a more realistic picture of growth and success.
• A New Wave of Legal Leadership
  With younger leaders stepping into corporate legal roles, expectations are changing. Law firms need to adjust how they build relationships and deliver services to keep up with these fresh perspectives.
• Succession Planning is a Must
  Planning for leadership transitions and addressing underperformance in senior partners is something many firms are still figuring out. Patrick and the team dig into why this is such a critical—and often overlooked—area for long-term success.
• The Buzz Around Lateral Hiring
  Steve shares insights on the hot topic of lateral hires, especially from government roles. He explains why it’s important to look beyond just the skills on paper and think about whether these hires are ready to rebuild their client relationships.
• Making Clients Stickier
  The group talks about how firms are focusing on institutionalizing client relationships. It’s all about making clients feel connected to the firm, not just an individual partner, to reduce risk and improve stability.

This episode is packed with practical insights and real-world examples for senior law firm leaders looking to stay ahead in a fast-changing market.

A big thanks to Pat Fuller for joining us and sharing his knowledge. 

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In this episode of Steve's Rules, podcast partners Murray Coffey founder and principal of M Coffey and executive recruiter Steve Nelson from The McCormick Group discuss some of Steve's market updates and then go deep on best practices in legal recruiting agreements..  This episode should be of special interest to those on the law firm side responsible for engaging executive recruiters for lateral placements.

Key Topics:

1. Increased Government Hiring by Law Firms
   Steve highlights the recent surge in law firms hiring from key government agencies, including the DOJ, SEC, and FTC. This trend reflects law firms’ increasing need for regulatory expertise, especially amid policy shifts and anticipated changes from upcoming elections. Steve explains how this affects the demand for experienced attorneys from federal agencies.
2. Employee Benefits Partner Hiring Report
   Steve shares insights from McCormick Group’s new report on ERISA and employee benefits partner hiring. As mergers and acquisitions increase, firms are turning to highly specialized attorneys in this technical area to support complex deal structures. Steve discusses why these roles, though not profit centers, are crucial client retention tools..
3. The "Poison Pill" Clauses in Law Firm Recruiting Agreements
   Steve discusses three key “poison pill” provisions in partner recruiting agreements that can make firms less attractive to recruiters and dissuade them from bringing top talent forward:
   • Fee Caps for Large Groups: Some firms impose strict fee caps on large group hires, which can be problematic if they aren’t consistent with the market for securing these high-value placements.
   • Guarantee Periods and Conflicts: Onerous refund requirements, particularly when partners are forced to leave due to unanticipated conflicts, put undue burden on recruiters making placements less appealing.
   • Non-Recruit Clauses:  Blanket restrictions on recruiting, particularly not tied to placements, can limit long-term partnerships with recruiting firms.

Steve emphasizes that balanced, reasonable agreements foster stronger recruiter-firm relationships and ensure access to the best talent.
Bonus Content: Here is a link Steve referenced to the documentary film about his friend and fellow Key West, Florida stand-up comedian Tom Dustin: Portrait of a Comedian

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Join us on this episode of Steve’s Rules, where Steve Nelson, Executive Principal at McCormick Group, dives into the evolving roles within law firms, particularly focusing on the rise of professional staff in key leadership positions. We explore the recent trend of hiring COOs from non-traditional backgrounds, such as legal operations, and what this means for the future of law firm management. Whether you're a law firm leader, legal operations professional, or just interested in the business side of law, this episode offers invaluable insights into what’s next for the industry. We will also hear from Steve about what is going on in Washington DC and Texas two of the countries hottest lateral partner markets.

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In this episode, Murray Coffey and Steve Nelson delve into the intricacies of legal recruiting, offering a blend of practical advice and personal anecdotes. They discuss the best ways to manage recruiter inquiries, key considerations for those contemplating a career move, and the importance of building solid relationships with reputable recruiters. Additionally, they cover current market trends and emphasize the significance of carefully evaluating counteroffers. This episode is designed to equip you with the insights needed to navigate your legal career with confidence.

Episode Highlights:

• Best Practices for Managing Recruiter Inquiries: Learn how to effectively handle calls and messages from recruiters.
• Controlling Your Identity: Safeguard your resume and personal information by only sending them to authorized firms. 
• Importance of Ethics in Recruiting: Recognize and avoid unethical practices by some recruiters.
• Candidate Preparation: Ensure you have your statistics and relevant information ready before engaging with a recruiter.
• Choosing the Right Recruiter: Identify recruiters who have strong relationships with hiring firms and understand your market and practice area. 
• Working with One Recruiter: Build a strong, trusting relationship with a single recruiter to increase your chances of successful placement.
• Personal Relationships and Referrals: Use your network to get referrals for reputable recruiters. 
• Recruiter Methodology: Understand the recruiter’s approach and ensure they can effectively reach suitable firms. 
• Assessing Opportunities: Utilize a recruiter’s expertise to determine if a move is in your best interest.
• Long-term Relationships: Work with recruiters who are committed to your career growth and provide honest assessments.
• Evaluating Offers: Be cautious with counteroffers and consider their long-term implications. 
• Market Trends and Insights: Stay updated on the latest trends and dynamics in the recruiting market. 
  
  

Key Takeaways:

• Be Prepared: Have your market statistics and relevant data ready when engaging with a recruiter. 
• Ask the Right Questions: Ensure the recruiter has a genuine relationship with the hiring firm and understands your needs. 
• Control Your Identity: Avoid having your resume sent to multiple firms without your consent.
• Work with One Recruiter: Develop a strong, trusting relationship with a single recruiter for better results. 
• Evaluate Offers Carefully: Consider the long-term implications of counteroffers and trust the insights of experienced recruiters.

Join Murray and Steve as they share valuable insights and experiences, helping you navigate your career with confidence and professionalism.

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Overview:

This episode provides a deep dive into the essentials of business planning for attorneys considering lateral moves. Steve Nelson leverages his extensive experience in legal recruitment to guide listeners on crafting high impact business plans that align with market trends and firm expectations. This episode may be our most practical and actionable let. We even have Steve’s business plan templates in our show notes. 

Key Insights:

• Business Plan Importance: Detailed discussion on the necessity of a business plan for lawyers aiming to move laterally.
• Components of a Strong Business Plan: Steve outlines the critical elements that should be included in a business plan, such as market analysis, client needs assessment, and personal value proposition.
• Strategies for Differentiation: Tips on how attorneys can set themselves apart in their business plans by linking their unique experiences to the needs of potential firms.

Episode Highlights:

• Crafting the Business Plan: Steps for developing a plan that addresses both the current landscape and future market opportunities, focusing on the lawyer’s role in navigating these changes.
• Demonstrating Market Knowledge: The importance of showing deep understanding of regulatory trends and how they affect potential clients.
• Networking and Resources: How to effectively utilize existing networks and resources to bolster the business plan’s effectiveness.

Bonus: Steve gives us his analysis of the lateral recruiting market in the the nation’s capital (hint: it is an election year.)
Business Plan Template Option One
Business Plan Template Option Two
Business Plan Template Option Three

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The decision to pursue other opportunities is multilayered with no one consideration being more important than the other.  Yet compensation often is a driver. But most professionals including lateral partners at law firms don't do a deep enough dive on a target firm's compensation structure.  Each firm approaches compensation differently. Which means it is incumbent on the candidate to know what is important to them and to ask the right questions.  So to, firms need to be as forthcoming as possible about the compensation structure. Steve knows the ins and outs of compensation systems based on his decades of experience.  Have a listen and if you have more questions, please contact Steve at [email protected]. Mention Steve's Rules when you call and get a prize.  We mean it.   

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Leveraging government service into a lucrative career in government relations can be done. But, it can be tricky to turn your knowledge and connections into a career path. This podcast will be especially informative for those folks currently in Capitol Hill contemplating your next move. We start out the second season of the acclaimed Steve's Rules podcast series with a fast paced discussion featuring McCormick group principals David Ris and Tim Horgan. Join Steve and his colleagues as they share lessons learned in this high stakes area of executive recruiting with a special deep dive for those coming out of government service from Capitol Hill and beyond. We take an insider look at what candidates can expect whether they are pursuing a position in-house, with an association or a multi client practice.
 
Episode Notes:
Email Steve and his guests:
Steve Nelson [email protected]
David Ris [email protected]
Tim Horgan [email protected]

Article Referenced in Podcast:
Building a Better Mousetrap: A Model for a Lawyer’s Business Plan

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