Why Associates Bail Out
The fact that 80 percent of associates leave their big firm job within 5 years has been well documented by NALP. There are many theories about why most associates leave and even some controversy about whether large firms actually rely on associate attrition to ensure that partner profits are not diluted. To those of us who consult to the legal profession, it seem ludicrous to invest so much time and energy in recruiting (on the front end) and to put little thought into retention (the back end of recruiting.) But as law firm profits continue to soar, it is hard to see how this is all hurting law firms in the short run.Nonetheless, I still believe that in the long run, sound management practices can only strengthen a law firm. There is a good article in the Legal Times in D.C. in which a career consultant comes up with some of her own theories explaining associate attrition. She suggests that attrition may be due to a number of factors including: law school attracts many bright people who have not really taken the time to think critically about what they want in a career; law students do not have enough information to make informed decisions about how firms differ from each other; and a it is difficult to switch departments even if you conclude that you are better suited to another practice area.
She suggests that firms adopt a number of policies to address these issues including: providing opportunities for associates to change roles, training associates in business development and effective management techniques and cultivating a strong alumni network of associates and partners who do leave.
posted by Stephen Seckler, Esq. at 3:10 PM
2 Comments:
While I clearly cannot speak for others, my own experience is that attrition (to non-firm positions) is related to the billable hour.
There are only two ways to improve a law firm's bottom line: raise the hourly rate and bill more hours. Most firms tend to do both.
The implications of this are readily apparent: (i) it discourages efficiency (or at least does not properly value it), (ii) it places pressure on an associate from a social and familial standpoint, and (ii) an associate's performance measures are often based more on hours than on knowledge and client relations.
In short, it takes all the fun out of joining the esteemed profession of the law.
So, I just announced that I'm moving in-house. There will no doubt be challenges and pressures, but efficiency will be rewarded, I'll get to see my family at night, and I won't be tracking hours.
While I clearly cannot speak for others, my own experience is that attrition (to non-firm positions) is related to the billable hour.
There are only two ways to improve a law firm's bottom line: raise the hourly rate and bill more hours. Most firms tend to do both.
The implications of this are readily apparent: (i) it discourages efficiency (or at least does not properly value it), (ii) it places pressure on an associate from a social and familial standpoint, and (ii) an associate's performance measures are often based more on hours than on knowledge and client relations.
In short, it takes all the fun out of joining the esteemed profession of the law.
So, I just announced that I'm moving in-house. There will no doubt be challenges and pressures, but efficiency will be rewarded, I'll get to see my family at night, and I won't be tracking hours.
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