How to keep associates happy?
Frank M. D'Amore had this interesting article last month in the Texas Lawyer on stemming associate attrition at law firms. Frank had some compelling recommendations for firms, like requesting direct regular feedback (not just yearly) from associates, more associate integration activities (like one-on-one attention from partners and well-thought out events), and also really rewarding associate successes.
Frank makes a special point to say that this new generation of lawyers value work/life balance more than its preceding generations. I agree with Frank. And I can tell you that any firm that makes strides in this area will make serious headway in its associate retention numbers.
Texas is undergoing another round of associate salary increases. Rumors abound about which firms will raise and which ones will not. I can't help but think about whether this latest round of increases will have an effect on associate satisfaction. Undoubtedly more money will equate to some level of happiness for some. But higher salaries do not materialize from the air. There is a price. We can debate and debate where the money will come from (lower PPP? higher rates for clients? partners billing for associate-level work?), but there will be some trickle down effect for associates at some level and to some degree, associates will be working harder for their dough.
Wouldn't it be nice if some of the Texas-based firms didn't jump on board with the salary increase and instead reduced their billable hour requirements? Wishful thinking or recruiting brilliance? Unrealistic naivete? As Brian Wilson sang, "wouldn't it beeeee nice?"
Frank makes a special point to say that this new generation of lawyers value work/life balance more than its preceding generations. I agree with Frank. And I can tell you that any firm that makes strides in this area will make serious headway in its associate retention numbers.
Texas is undergoing another round of associate salary increases. Rumors abound about which firms will raise and which ones will not. I can't help but think about whether this latest round of increases will have an effect on associate satisfaction. Undoubtedly more money will equate to some level of happiness for some. But higher salaries do not materialize from the air. There is a price. We can debate and debate where the money will come from (lower PPP? higher rates for clients? partners billing for associate-level work?), but there will be some trickle down effect for associates at some level and to some degree, associates will be working harder for their dough.
Wouldn't it be nice if some of the Texas-based firms didn't jump on board with the salary increase and instead reduced their billable hour requirements? Wishful thinking or recruiting brilliance? Unrealistic naivete? As Brian Wilson sang, "wouldn't it beeeee nice?"
Labels: attorney career satisfaction, law firm news, work/life balance
posted by Suzanne Dupree Howe, Esq. at 1:03 PM
5 Comments:
Thanks for your post, Stephen. I am seeing a lot of literature on what will keep associates happy, but I am not hearing about firms implementing it (with the possible exception of Thelen Reid, based on reports of its two-tier system, if that ends up working and not creating a class system). In fact, a recent ABA Journal survey showed law firm management's response is a resounding "No!" to lowering associates' billing requirements.
I think management will hold out until they cannot get the talent they want. Another factor playing into this, which I saw first hand interviewing law students, is a lot of students play the gunner in interviewing (to get the job of course!), coming across as ready and willing to spend their life billing 70-80 ours a week and getting a rush from it. It's only after a year or so of practice the reality of what those hours do to your life sets in. So law firms may continue to get the talent they want on the front end (at least for a while), then face attrition when the associates realize what they signed up for.
Always enjoy your blog. Have a great day!
Sorry, I meant Suzanne!
Great comment, Ashley. Thanks!
An interesting development in the Texas salary wars:
Winstead says no to raises, yes to big bonuses.
http://www.law.com/jsp/tx/PubArticleTX.jsp?id=1185820701643
I definitely agree with Ashley. However, I do have to point out the reality of ever-increasing law school tuition (tuition at my school has increased by $8k/yr in the 4 years since I graduated).
I believe that law school (and undergrad) debt are the primary reasons why those firms who offer the highest salaries will be the most in demand. (Prestige is, of course, a close second.)
But for debt, I think a good number of students would pursue positions with prestegious mid-sized "boutique" firms that offer the most hands-on legal experience. Many others would enter the public interest. As things currently stand, most associates stick out law firm life for 2-3 years (just long enough to pay back their loans) and then leave to pursue their interests, whether it be a specific practice area, or a job with a moderate salary that affords them the time and benefits to have a family.
If big firms are really interested in retaining associates, perhaps they should offer tution reimbursement, doled out over the course of several years.
Post a Comment
<< Home