Law firms, hold on to your LAWYERS...

In the UK, the cost of replacing an employee varies depending on several factors, including the industry, the level of the position, and the specific circumstances surrounding the departure of the employee. While it is challenging to provide an exact figure, various studies and reports have estimated the cost of employee turnover.

According to research conducted by the Centre for Economics and Business Research (CEBR) in 2019, the average cost of replacing an employee in the UK was around ￡11,000.

However, this figure can be significantly higher for senior or specialized positions. We estimate that the costs to a?#law?firm will be several times this, not least based on the salary involved, but also on the loss of productivity, potential reduction in team morale, the costs of hiring and onboarding a replacement, the possible domino effect if a senior employee leaves, and the overall complications in filling a vacancy.

So, whilst this seems like "poacher turned gamekeeper", we strongly suggest that Employee retention should be a driving force in any firm - and indeed this would lead to the end of the recruitment industry as we wouldn't be needed!

Now back to the Poacher bit;?if you're looking for a new role, because your current firm isn't fulfilling your needs, please get in touch for confidential, informal, open and frank discussion about options.

www.austenlloyd.co.uk / 01275 463111