Managing an enterprise such as a law firm is a demanding commission. Managing it to achieve growth and profitability objectives is an even greater challenge. Among the priorities of running a successful law firm are attracting and retaining top legal talent.
The risks are real: The Thomson Reuters Institute’s 2022 Report on the State of the Legal Market says some firms face more than 25% associate turnover. Rather than losing one-half of their associates over five years (the largely accepted pre-pandemic metric), these firms now risk losing 125% of their associates in that same time frame. In a people-as-product business model such as a law firm, finding and keeping capable attorneys helps you stay profitable, efficient, and competitive. Has your firm addressed the needs of your legal professionals to maintain a healthy, stable workforce? A review of key questions can help assess your firm’s attraction/retention outlook.
Culture is a catch-all term for work environments. But, a thoughtful, strategic commitment to defining and creating a culture conducive to healthy employees is critical. What are the values your firm embraces? Are billable hours and profits (whether implicitly or explicitly) prioritized in your firm?
In a 2021 culture survey done by legal search firm Major, Lindsey & Africa (MLA), 61% of respondents say they left a firm with a substantially different culture than their current one. Their factors in choosing...
As world leaders gathered in New York for the High-Level Week of the 81st UN General Assembly, a “breaking news” post began circulating in Sri Lanka claiming that the country had been removed from ...