Culture VS Benefits In Law Firms - What Actually Matters

Culture VS Benefits In Law Firms - What Actually Matters

With high attrition rates affecting the sector, many firms who need to recruit to remain competitive are beginning to wonder what really matters to job hunters in 2023.

Senior legal professionals have always been in high demand, but over the last few years have experienced increased stress and pressure as the pandemic necessitated immediate changes to working practices. Many were left feeling unsupported by their firm and disconnected from their team, identity and clients.

What do law firms want?

Firms want a diverse range of talented and loyal professionals to handle client matters necessary to maintain a competitive edge within the industry. They want their staff to work autonomously and effectively, often with minimal oversight, but in a coherent fashion. And they need their staff to generate profits for the firm, retaining existing clients and attracting new ones.

From an ownership perspective, firms want their talent to remain in position for as long as possible, as high levels of turnover in a team or practice area not only affect profits, but also client satisfaction and brand reputation. Concurrently, firms also expect their senior legal professionals to support the aspirations and career development of more junior staff.

What do legal professionals want?

The 2022 report co-authored by the American Center on Ethics, the Legal Profession at Georgetown Law and the Thomson Reuters Institute determined that senior legal professionals value meaningful work, opportunities for career development and a positive business culture above financial recompense.

Senior legal professionals are now demanding a culture shift wherein they are rewarded with opportunity rather than just money. They want to develop themselves and their career, add value in their everyday activities and enjoy positive engagements with colleagues and clients alike.?

Establishing a virtuous circle

Statistics show that firms with low staff turnover rates are more productive. Much of this appears attributable to the presence of an established team collaborating on work with which they are familiar, to generate improved levels of output without negatively impacting staff morale.

Where gaps exist in a workforce, others need to take up the slack, accepting greater levels of responsibility and often working longer hours to get the job done. This can soon result in staff feeling dissatisfied, a negative effect on morale and clients becoming increasingly concerned as to the ability of the firm to deliver on its promises. This fuels a vicious cycle of greater demands, more stress and reduced morale as more people resign and the cycle becomes progressively worse.

In order to beat the statistics and become a firm with low attrition and high productivity, it is clearly essential to improve retention rates before expending too much effort recruiting new starters. It is evident that staff who can rise to the challenge and meeting the demands of their firm should be recompensed for their efforts and rewarded for loyalty and dedication. They should not, however, be expected to burn themselves out for the firm, so boundaries must be set and expectations clearly laid out by both parties.

Recruiting for vacant positions becomes far easier when a positive established culture and reputation precedes the firm, affording the opportunity to negotiate salary and other financial benefits based upon the calibre and experience of the preferred applicants.

Summary

Establishing a supportive corporate culture is vital in retaining loyal and talented staff, and offering ongoing training and opportunities for progression will improve morale. With ever more senior legal professionals choosing their next move based on culture over financial recompense, the onus is firmly on firms in the legal sector to develop an appropriate mechanism for instilling and nurturing a positive culture in which vicious circles become virtuous ones.?

#Culture #LawFirms #LegalRecruitment