PRESIDENT ’ S MESSAGE
10 Tips for Attracting and Retaining Talented Lawyers in 2024
By Ryan Griffin
JANUARY / FEBRUARY 2024
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As we approach the New Year , it provides , inter alia , an opportunity for a fresh start and a chance to improve your law practice . As we all know , 2024 is shaping up to be a very challenging business climate . Inflation , increased costs , rising insurance premiums , interest rate hikes , and lack of available labor will challenge many business owners . Among these challenges , labor is the one variable that businesses can control more than the others .
While your practice cannot affect the number of available lawyers in our labor shed , you can improve your odds of attracting and retaining lawyers in a very competitive legal job market and , not just any lawyers , but talented lawyers . Talent is one of the most important variables in any business ; however , in the current legal environment , making the right hire of a talented lawyer is even more important considering increased compensation levels , costs to train , and varying “ work from home ” policies that reduce opportunities to train . As quoted by Marcus Buckingham , “ Talent is the multiplier . The more effort and attraction you invest in it the greater the yield .” To achieve success in 2024 , attracting and retaining talented lawyers should be a priority . Here are a few tips that may be helpful to your practice as we head into the New Year :
1 . A winning culture
As David Cummings stated , “ Corporate culture is the only sustainable competitive advantage that is completely within the control of the entrepreneur . Develop a strong corporate culture first and foremost .” A business ’ culture refers to a set of beliefs and behaviors that guide how a business ’ staff interacts . In a previous Paraclete article , I wrote about branding . I think of branding as what you are and what you do (“ the talk ” if you will ). Culture is the first step in embodying your brand (“ the walk ”). You should have a winning defined culture to sell to prospective lawyers and to retain current lawyers in your practice . You can begin to define your culture by implementing policies related to the tips on this list .
2 . Objectivity
I have found success in removing as much subjectivity from a lawyer ’ s compensation package as possible . While this is important in an employee-friendly job market , I believe it is the new norm . Prospective lawyers prefer transparency in compensation when considering a career move . The main driver for this , in my opinion , is the multitude of employment options ( traditional and non-traditional ) now available to prospective lawyers as a result of recent advances in technology that did not exist a few years ago ( i . e . the ability to work remotely , Zoom hearings , and an increase in part-time , contract-based employment listings ). I suggest moving toward a bonus formula that is based upon objective performance ( i . e . productivity , collections , etc .) versus subjective and providing the lawyer with access to monitor their measurables throughout the year .
3 . Flexibility
Money is not the motivator for the next generation of lawyers coming out of law school that it was in the past . Further , with so many firms today and options for lawyers outside of the traditional law firm model , the power of a firm ’ s name is not the attractor it once was . I see questions regarding flexibility surfacing more and more in interviews as a material differentiator when weighing employment options . I do not foresee this trend going away . Therefore , I believe allowing lawyers to alter their work schedules to fit their lives ( i . e . work from home , childcare planning , navigating traffic patterns associated with long commutes , etc .) not only to be a major attractor but , also , in my experience , provides for an overall increase in productivity .
4 . Project based vs . hourly model
With the recent advent of “ work from home ” policies following COVID 19 , measuring a lawyer ’ s productivity , especially young associates , is not easy to do using traditional measures ( i . e . requiring associates to arrive at work at a certain time and leave at a certain time ). Flexibility , as discussed above , is a critical component in successfully attracting and retaining talent . Hence , I believe setting project based goals and tracking quarterly productivity on , for example , hours or receivables ( instead of daily , weekly , or monthly ) to be preferred by prospective lawyers and can still get your practice where it needs to be financially to stay on budget .
5 . Develop your team
If finding lawyers to hire is at a premium right now , why not invest in your current legal team and develop their skills as much as possible ? While this has become more difficult with more lawyers working remotely , this can be accomplished by having a strong mentor / mentee program