Combining Dual-Market Insights for Whole Team Buildouts

Key takeaways

The challenge

A leading US financial services firm faced an uphill battle in hiring for in-house legal talent during an extremely competitive period for the legal talent market. Private practice firms were increasing salaries multiple times a year and offering special bonuses to retain their lawyers, making it difficult for in-house teams to compete on compensation.

Despite being a well-respected household name, the client’s offers were frequently declined as candidates pursued more lucrative opportunities with law firms. Their internal budgets and equity constraints further limited their ability to match private practice compensation.

The client already had a long-standing partnership with financial sciences & services talent partner Selby Jennings, one of the six specialist brands operating under Phaidon International alongside Larson Maddox. As they needed additional support to meet their in-house legal hiring needs, Larson Maddox was brought in to collaborate with Selby Jennings and address the challenge of building out their asset management teams in their New York and Chicago offices.

The solution

Larson Maddox and Selby Jennings worked together to leverage their shared expertise and physical presence in both New York and Chicago. This dual-market strategy enabled the teams to target high-impact roles directly in their respective geographic areas.

To ensure alignment with the client’s needs, biweekly catchups were held with their internal legal recruitment team. These calls included participation from the firm’s senior business leaders as well as representatives from both Larson Maddox and Selby Jennings. Together, the collective team set hiring priorities, refined strategies for candidate engagement, and established closing techniques to secure top talent in a fiercely competitive market.

By working close partnership with the firm’s internal stakeholders, Larson Maddox and Selby Jennings were able to present the company’s strengths and USPs to candidates, position the roles as unique opportunities, and secure commitments from sought-after professionals. The collaboration provided the client with a level of market insight, speed, and precision that allowed them to fill business-critical seats that had previously gone unfilled.

The results

Our strategic approach resulted in 15 successful placements across the client’s teams in New York and Chicago, with each hire playing a critical role in strengthening their capabilities. Over two years later, only one of these professionals has moved on to a new position, resulting in an impressive long-term retention rate of 93%. This outcome highlights the strength and quality of the hires made, and is a testament to the alignment between candidate fit and role expectations.

Now that the firm’s hiring needs have stabilized, Larson Maddox and Selby Jennings continue to maintain an active partnership with them to support their talent retention efforts.

Summary

By combining the industry expertise of two specialist talent partners alongside the knowledge of an internal recruitment team, our client was able to benefit from dual-market insights and build out multiple teams in the face of a highly challenging hiring landscape. 

The success of this approach is reflected in the long-term retention of hires and the continued trust established between all parties, and demonstrates how alignment between internal and external talent teams can drive sustained hiring success.