Last week, I wrote a blog about the Great Attrition. In that blog, I referenced a survey by McKinsey & Company. The survey found that simply paying people more money will not fix the ongoing attrition problem. Specifically, the survey found – Rather than sensing appreciation, employees sense a transaction. This transactional relationship reminds them that their real needs aren’t being met. It is quite fitting that a new article on law.com continues the theme of lawyer attrition. The article, Winning the War for Talent Will Take More Than Money, discusses that compensation alone will not attract and retain top legal talent. There are other factors for your law firm to win the talent war.
More Than Money
The article’s subhead line says it all:
The lateral market remains competitive, but firms can’t rely on compensation alone to get and keep the best and brightest.
The author of the article suggests there are three essential approaches for law firms to win the talent war.
Lawyers need to find satisfaction in their jobs. One way to increase satisfaction is to improve lawyer engagement. One expert suggests that a key to engagement is being a welcoming and inclusive law firm.
Playing for a Winner
Another expert says that a firm can attract and keep talent if the firm is a leader in a particular practice area or industry. Accordingly, the firm should position itself as the largest in a geographic area or the best law firm in legal discipline. These competitive advantages will assist in legal recruiting and retention.
In the COVID era, flexibility mostly relates to remote work opportunities. Commentators in the article suggest that flexibility should also include more work-life balance and a culture that embraces it.
How Does Your Law Firm Rate?
There is a quote in the article by Deborah Farone that really mirrors my experience. She says,
A strong culture and the firm being a place where people are reinforced and contributing to the firm, those things are really important when you are trying to hold on to people. They are vital.
As a rainmaker, your law firm should check all three of these boxes. What is the level of engagement for you and your team? Are you playing for a winner? Does the law firm’s management offer the desired amount of flexibility? If the answer is no to one or more of these questions, your firm may be losing the talent war. Losing the talent war will make it harder to service clients and grow your practice. Would you rather be at a firm that can answer yes to all three of the above questions? Those firms do exist, and I can help you find them. If you are interested in learning more, let’s schedule a time to talk.