As a law firm, competitive intelligence pertaining to M&A, beneficial ownership, and litigation is essential. These three legal industry-specific screenings merit consideration from all firms, regardless of size and practice area.
Lateral Partner Screening
Lateral partners can bring incredible revenue growth potential, yet low retention rates are a constant thorn in the side of firm leadership teams. Moreover, partner recruiting represents a substantial firm expense when failed laterals necessitate a repeat of this pricy process. In searching for a due diligence provider to support lateral hiring success, look for a provider that can offer a narrative approach to reporting.
Prospective Client Screening
Both the American Bar Association (ABA) and International Bar Association (IBA) recommend conducting due diligence on prospective clients. This provides an opportunity to prevent a myriad of problems including Conflicts of Interest (COI), firm reputation issues, unpaid invoices, client misrepresentation, and ethical entanglement. While some legal firms conduct client screening in-house, partnering with a specialized provider of due diligence offers notable advantages including:
- Preservation of independence and neutrality
- Investigative expertise
- Access to established source networks
From billing software to office maintenance, law firms engage with a host of third parties each day. Missteps by these individuals and organizations, ranging from data breaches, inclusion on watch or sanctions lists, unethical supply chains and employee misconduct, can quickly harm a firm’s reputation. This reality makes comprehensive screening an essential component of third-party onboarding and relationship management. In order to maximize efficiency and minimize spend, look for a solution that can be customized according to your organization’s specific risk tolerance, policies, and workflows while automatically monitoring third parties throughout the entirety of the third-party relationship.
To learn more about due diligence for the legal industry, connect with Vcheck Global. Our clients include 40% of the Top 15 law firms (ranked by deals serviced.) A diversity of investigative offerings ranging from lateral partner-focused due diligence reports to automated third-party screening, paired with industry-leading turnaround times means you receive the quality information you need, when you need it.