Law Firm Hiring and Retention: Five Strategies to Win the Talent War

As appeared in attorneyatwork.com on September 12, 2022
By Shira Aharoni

How can you keep good people from leaving your firm — quietly or otherwise? Here’s how to turn law firm hiring and retention challenges to your advantage.

We have been dealing with the fallout from the “Great Resignation” for some time now as people reevaluate and renegotiate the way they want to work and live. More are favoring flexibility and prioritizing purpose and meaning in their work over job security.

A late 2021 survey by McKinsey & Company found that 40% of employees in the U.S. were likely to leave their current job within the next three to six months. Research from the U.S. Labor Department shows that in May 2022 alone, 4.2 million people quit their jobs.

In response, employers are rethinking their approach to how work gets done and where it gets done, with more emphasis on people’s livelihood and well-being. Yet even with great salaries and benefits, businesses are challenged to keep up with attracting and retaining talent.

Law firms are no exception.

As Lawyers Seek Greener Pastures, Talent Retention Becomes Law Firms’ Top Concern

A September 2021 survey conducted by Bloomberg Law’s Attorney found that nearly half of all lawyers surveyed said they were either actively looking for new jobs or open to new offers.

Aderant’s soon-to-be-released Business of Law Survey found that 56% of law firms named talent retention their number one challenge. Talent retention bested hot topics like cybersecurity and operational efficiency, reigning as law firms’ top concerns. The survey also showed that lawyers are in the top three areas where firms anticipated budget growth in the next five years. This indicates that firms plan to invest in hiring, engaging and retaining lawyers and other legal professionals.

While law firms are not immune to talent market dynamics, they can leverage the very conditions that challenge them and turn them to their advantage.