In a dramatic turnaround from just a few years ago, new associates are highly sought after, lateral hires are commonplace and the opportunities for attorneys in lucrative new business ventures are often more attractive than positions with big name firms. Law firms are losing new attorneys to consulting groups, Internet startups and other non-traditional labor force competitors. Firms are finding it difficult to compete with the stock options that startups offer. In this issue, we'll examine the nature of RM tools and opportunities for their application in the recruiting process.
Relationship Management is a term most often heard when discussing customer relationships.
Many industries make use of different kinds of RM tools all of which essentially serve the same purpose. RM tools bring together disparate data and processes scattered throughout an organization's back office systems to provide a total view of the relationship with a client. This helps ensure a relationship with a client is positive, timely and enduring. For instance, a retailer might use a single web-based RM tool to allow a store manager to see when a customer last ordered, when the order was fulfilled, when and by whom the customer was last contacted, how promptly the customer pays a bill and other details about the relationship with a given customer. Translated to the world of recruiting, law firms can use RM tools to bring together information and processes from separate systems to monitor and promote a relationship with a potential associate.