While it's always been competitive to attract top chief legal officer talent, today, this responsibility can feel like an Olympic-level sport.
As CLO roles continue to expand in scope and complexity — and as top talent have their choice of compelling opportunities — it's certain that this competition will only increase over time.
Particularly since the pandemic, CLOs often have taken on responsibility for other functional areas in addition to legal, such as compliance; government relations; policy; environmental, social and governance; communications; and human resources, among other areas, only increasing their importance in the C-suite.
The current macro landscape — ever-changing regulatory and global environments, among many other things — makes finding the right legal talent more important than ever.
Companies trying to attract exceptional talent must be ready to articulate the "sells" for their opportunity, and also understand their limitations, as they head into the market.
Having a strong grasp both of what makes a company's leadership role the most desirable, and any roadblocks that may prevent it from recruiting its strongest choice, will allow the company to bring the best talent to its organization.
As we think about attracting stellar candidates, companies generally begin with a clearly defined concept of the profile of a successful candidate. For instance, technical skills and an appropriate level of experience are table stakes.
After this, companies tend to assess whether a particular candidate will fit within the organization. What is the culture and ethos of the company, and how does the preferred candidate align with those characteristics? For now, we will assume that these steps have been completed successfully.
Beyond skills and fit, however, in any good search process, companies should give deep thought to the barriers or limitations to attracting top talent for the position. An organization's ability to be honest as to the limitations it may face in the market is critical to recruiting top talent.
A few areas often fall into this category. To begin with, compensation has continued to climb among CLOs, making it extremely competitive in the market. Even if there is a stellar opening at a stellar company, candidates will assess compensation packages closely.
Expect a negotiation, and expect the CLO to have hired a sophisticated executive compensation attorney to guide questions involving equity, forfeitures and sign-ons to address what they will leave behind, among other areas.
In addition, location is often a barrier to attracting top talent. Organizations should know and understand this component, especially if it has prevented the company from attracting talent in the past. Consider whether the role needs to be on-site full-time, and whether relocation is required. Or, simply be aware that the candidate pool may be smaller for a company in a less-desirable location.
Other areas candidates will consider are recent leadership changes, expected tenure of the CEO, company growth plans, volatile stock prices, nuances of a company in transformation, and many other questions about the ins and outs of an organization. Candidates want to ensure there is long-term opportunity as they take their careers steps, and value knowing details about an organization's future.
Companies should be ready with strong, consistent messaging throughout the interview process — which includes preparing their interview team for the hard questions — and maintain consistent talking points that offer candor and transparency.
Positive data points that speak to the company's strategic direction will only provide a company's preferred candidate with greater confidence that its job is the right one for them.
Interviewers might openly share reasons they chose the company and what has kept them there. Further, ensuring candidates meet executives who are newer to an organization to understand why they were attracted to the role and company, and how their experience has been so far, provides candidates with meaningful insights. Transparency creates immediate trust, leaving a positive impression.
Even more important than thinking through potential obstacles is identifying and highlighting the sells for your company and the role. Simply put, what makes this organization the best place to work — and how this is articulated — will win the day. Believe with passion and conviction that there is no better job out there than the one the company is hiring for.
When reflecting on the sells, for many candidates, mission drives them as they make pivotal career choices. They truly care that a company is making a meaningful impact in the world and in the community. Other sells include:
- A potential expansion of the CLO role;
- A seat at the executive leadership table;
- A broad scope of responsibilities, such as adding areas like government relations, communications or policy, and in some cases even offering a business role in conjunction with legal responsibilities,
- A strong culture, i.e., how the company lives its values; and
- An appreciation for the notion of the modern general counsel as not just a lawyer, but also a valued executive leader and business partner looked to for their guidance beyond purely legal issues.
Once a company can articulate their sells, the art of weaving these into the search process becomes key. So how is it done?
Articulate the sells early and often. Don't wait until the end of the search to recruit candidates. Ensure a candidate is hearing about the best parts of the organization at the beginning of the search process.
Next, be sure to curate a transparent, efficient interview process that showcases all the company has to offer. And keep the momentum going throughout the process, offering clear timetables and next steps for the candidate. This process is a reflection of the company. Weeks between interviews or interview requests with little notice, disorganization or a lack of direct communication will all create red flags for candidates.
Further, every leader who interviews a candidate should proactively share why the company is a great place to work. Uniform and transparent messaging will help solidify an understanding of why the company is awesome. Is there one leader in particular who has a contagious passion for the company? If so, weave them into the process early.
Also be sure to show off your company headquarters and the surrounding area. Candidates want to know where they will work, and what sets it apart.
Lastly, spend time with top candidates both inside the process and in a more relaxed, social setting, and be ready to answer all of their questions. Treat them as colleagues from the first meeting.
Conclusion
At the end of the day, a thoughtful search strategy — one that strategically addresses a company's limitations and proactively communicates its top selling points — is crucial to identifying its next executive leader and distinguishing the organization above the growing competition.
Reflecting on all of this in a meaningful way will result in an excellent search process and help the company seamlessly bring on a stellar legal leader for its team.
