Using data to power profitable lateral hires
A global law firm founded more than 150 years ago, this client has more than 30 offices, 1,700 lawyers and more than $1 billion in revenue. The firm is an AmLaw 200 firm with a focus on integrity, excellence, innovation, and impact on their clients and peers.
Overview
THE CHALLENGE
The client was having issues quantifying the success of their lateral hires.
THE SOLUTION
We created and ingested a dataset that allowed us to calculate the revenue and profitability per lateral. We also created a data model to provide nightly updates.
THE OUTCOME
Through various methods of analysis, we were able to get to the core reason why laterals were underperforming, debunk existing suspicions and put corrective measures in place.
The challenge
This law firm client had trouble quantifying the success of their lateral hires. Given the data and analytics they had, they were led to believe the lateral hire program was not as successful as they had originally hoped. However, they had no quantifiable metrics to support this theory.
Making an impact
Ollion's team began by interviewing the client to determine “what qualifies success.” From there, we created and ingested a dataset using PeopleSoft, HR interviews and financials from Elite3E. This dataset allowed us to calculate the revenue and profitability per lateral. Ollion also created a data model for these analytics to provide nightly updates for our client's reporting and dashboarding.
The outcome
Through various methods of analysis, we were able to get to the core reason why our client's lateral hires were underperforming. Our team debunked existing suspicions and put corrective measures in place. This allowed our client to focus more effort on a few specific areas so they could start to see improvements in the overall lateral hiring process.
The client now has lateral analytics data modeled into a data warehouse. This solution provides the client with a way to create Tableau dashboards based on this data and provide analytics to necessary stakeholders on lateral performance.
