Originally published on March 27, 2012 in our free BigLaw newsletter. Instead of reading BigLaw here after the fact, sign up now to receive future issues in realtime.
You've no doubt heard the cliche about your most important assets walking out the door every day (except for those pulling all-nighters). With the lateral market on fire, this issue of BigLaw arrives just in time. To help your firm retain its talent, freelance reporter Mary Kate Sheridan sought advice from legal recruiting powerhouse Major, Lindsey & Africa. She learned that aside from money, lawyers typically jump ship for six reasons. Also, don't miss the BigLaw Pick of the Week (subscribers only) for the 14 leadership lessons of Steve Jobs according to his biographer.
A LEGAL RECRUITER'S ADVICE FOR RETAINING YOUR TOP TALENT
My first BigLaw column last week — Three Important Considerations Before Leaving the Large Law Firm World — was an anomaly. Today, back to business. In fact, today's column perfectly coincides with BigLaw's new slogan: Helping large law firms grow and achieve enduring success.
Given the amount of time, effort, and money that you invest in associate recruiting, the last thing you want is your top talent heading for the door. As the lateral recruiting market heats up, firms need to focus not just on recruiting lateral stars and their teams but also on retaining their own lawyers.
To help you improve retention, who better to ask than the source of your pain? I spoke with one of the industry's leading recruiters on how to prevent her firm from luring away your best and brightest.
1. Set Clear Expectations, and Provide Feedback
Working at a large law firm can provide associates with tremendous training and access to brilliant, experienced attorneys. But an attorney's growth largely depends on the firm's commitment to associate development.
"I don't think that firms start early enough to lay out the essential skill sets to become a partner," said Beth Woods, Managing Director at the recruiting firm Major, Lindsey & Africa.
Many firms fail to provide this big-picture training, resulting in many associates lacking a sense of what the firm expects of them. Instead, firms should outline associates' expected growth profiles and the accompanying skills necessary to achieve them, observes Woods who has noticed more firms starting to implement competency-based matrices to measure skills and development.
Firms should also provide associates with continuous feedback on their performance rather than blindsiding them at review time. Associates may lose trust in a firm that stays tight-lipped about short- and long-term expectations.
2. Don't Keep Associates in the Dark
Goals and expectations aren't the only tidbits that associates seek. They also want to understand how their work fits into the bigger picture. According to Woods, a large law firm associate may take a pay cut to pursue an opportunity at a midsize firm, which will require the same hours, but offer a better understanding of the bigger picture and more client contact.
Exposing associates to the ins-and-outs of cases will help them feel like part of the team and foster a sense of appreciation for their contributions.
3. A Little Respect Goes a Long Way
Treating your associates as fungible widgets is a big no-no when it comes to attorney retention. How a firm handles difficult situations — such as layoffs — affects how attorneys perceive the firm, says Woods.
After the recent economic downturn, associates who felt unfairly treated were more likely to try to jump to a new firm, according to Woods. Attorneys are much more likely to stick around a place where they feel respected and valued. And associates talk, says Woods, so a bad reputation can go viral.
4. Culture Is Critical
Money isn't everything when it comes to keeping your attorneys happy. "A primary driver that I've witnessed through every sector and industry is that personal connection — enjoying your colleagues, enjoying your coworkers — goes a long way in assuaging any downside or any negatives that may exist in work," said Woods.
A firm's culture is an important aspect of associate happiness, especially given the lengthy hours at the office and the time spent with colleagues. Firms should focus on fostering personal relationships — both through formal mentoring and informal connections — among attorneys to help create a friendly work environment.
5. Recognize All Contributions
The billable hour may rule, but it shouldn't be the only consideration when evaluating associates who may contribute to the firm in other ways such as committee participation, recruitment efforts, and pro bono work.
Associates who participate beyond their billable work sacrifice their precious time to benefit the firm — time they could spend focusing on their own personal relationships. If these volunteers — your firm's ambassadors in a sense — feel underappreciated or worse are penalized for their non-billable work, their attitude may sour.
Thus, firms should consider "good corporate citizenship" behavior when deciding on bonuses or partnership, says Woods. That's not to say firms can't have billable hours requirements, but they should also recognize the value derived from associates' alternative contributions and reward these efforts.
6. Be Flexible and Run Interference When Necessary
Clients can easily forget the human costs of the work they send outside counsel. Because the hours are so demanding, it's up to the firm's management to intervene when necessary to give associates the ability to attend to their personal lives.
Preventing associates from attending a funeral or wedding or even a more mundane event will not engender loyalty. Flexibility may also entail allowing associates to work from home on occasion or in some cases permanently. Associates will be inclined to stick with a firm if they can better balance their personal lives with work.
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