According to one study, Generation Z can “expect to have 16-17 jobs across five to seven careers” during their lifetime. AI and the associated culture of ruthless corporate efficiency have driven many younger workers to the brink of giving up on traditional career options altogether, embracing concepts such as passive income and “polygamous working” instead (the latter for which a qualified lawyer in the UK was recently sanctioned).
Why Does Talent Retention Matter for Law Firms?
The legal profession has traditionally enjoyed relatively high levels of staff loyalty, but this is no longer the case, particularly for junior lawyers. According to a recent study commissioned by LexisNexis, 72% of law firm managers think “associates are less loyal than in the past,” and only 25% of associates want to make partner within five years.
One of the big reasons to minimize staff turnover is the cost of recruitment. A financial breakdown by Attorney at Work found that the overall cost of replacing a legal professional was, on average, around three to four times the salary of an attorney, even a young associate. Besides cost, there is always a risk that a new hire will simply not be a good fit, in which case the whole process will have to be repeated, with the consequent cost in terms of both time and money for the firm.
What Are the Best Ways to Encourage Junior Associates to Stay On?
According to a report from Major, Lindsey & Africa (MLA) and Leopard Solutions, over half of Gen Z associates “would trade a portion of their salary to reduce billable hours quotas,” indicating that salaries are only part of the equation. Commenting on the findings, Jacqueline Bokser LeFebvre, Managing Director in the Associate Practice Group at MLA, says, “in order to retain their top young talent, law firms should focus on fostering a values-driven and transparent culture — one that continues to provide a challenging, competitive work environment, but can also be supportive and adaptable to changing work styles and preferences.”
The traditional route to partnership is increasingly being shunned in favor of a healthier work-life balance. According to Elizabeth Rimmer, Chief Executive at LawCare, a mental health charity for the UK legal sector, junior lawyers are “increasingly no longer aspiring to partnership in the same way previous generations might have.”