How Large Law Firms Motivate: A Better Chance to Advance, Flexible Schedules
Large law firms are re-evaluating how they hire and retain top performers.
A white paper by Robert Half Legal says law firm managers are realizing they need to do more to retain lawyers in an increasingly competitive environment. Lawyers responding to a survey by the legal consulting firm said the most effective incentives for retaining good workers are advancement opportunities (92 percent), flexible work schedules (82 percent), career development or training (81 percent), mentoring or leadership training (74 percent), stock options or other equity bonuses (57 percent), noncash recognition (57 percent) and spot bonuses (54 percent), according to a press release.
Firms are also taking another look at mandatory retirement policies, the white paper says. Some firms are implementing multiphased retirement policies in which lawyers gradually shift from full- to part-time work as they help new lawyers learn to handle their responsibilities.
The white paper summary says the competition to hire and keep top law grads is fierce. Law firms seek graduates from the top 20 schools, and there are only about 6,500 of them each year. Only 28 percent of graduates offered a job by a large firm accept it, since they are receiving multiple offers, according to the paper, which cites a survey by the National Association for Law Placement.
Forty-six percent of law grads who accept a job with a large law firm leave within three years, and 62 percent within four years. About half of these departures are not welcomed by the firm, according to the NALP survey.
The reality is that law firms need to do a better job of retention, according to the study. “The stakes are high for all law offices: If they do not innovate, they run the risk of a costly talent drain,” the white paper says.
