A Smart Way to Expand into a New Market

Expanding into a new market is a bold move, but it doesn’t have to be a blind leap. It does require thought given how important it is to recruit the right lateral team to join your firm. Too often firms spend time doing the “deal” and not spend enough time post lateral practices on bonding.

The key is clarity. Before making any outreach, ask: What does success look like in this market? Who are the clients you want to serve? What specialties are already saturated—and where are the gaps? Getting clear on these points helps align recruiting efforts with firm-wide strategy.

Then look for laterals who already have deep roots in that space. It’s not just about portable books—though those matter—it’s about relationships, reputation, and regional insight. A candidate who knows the local business culture, understands the competitive landscape, and can speak to client needs from day one brings more than just revenue. They bring credibility and momentum.

What often gets overlooked? Internal alignment. Expansion plans can fail if the home office isn’t fully behind the move. That means setting up support structures, integrating new talent into the firm’s culture, and being realistic about the timeline for ROI. A strategic lateral hire can only succeed if they’re truly set up to win.

In short, strategic lateral hiring is one of the most powerful tools firms have when entering new markets, but it requires more than speed. It requires intention, alignment, and a long-term vision. When done right, it’s not just a hire. It’s a launchpad for sustainable growth.

For more ways to discover how your firm can successfully expand, contact me at mic@talentengines.ai.