in place . In addition to making your practice stronger , a mentor / mentee program will result in lawyers appreciating the investment that you are making in them , which will serve you well in retention .
6 . A clear path to success
If you asked me to run a race but did not tell me how long the race would be , why I was running the race , or what I might win at the end of the race , I would be less inclined to agree to run the race or less inclined to continue running the race indefinitely . Everyone wants to plan their future . One of the most prevalent frustrations I hear from lawyers about their employment is that they do not know how to get to the next level ( i . e . promotion , compensation increase , partner , etc .). This is the biggest problem facing the retention of talented lawyers . Have a plan that is clearly communicated with prospective lawyers and current lawyers . Better yet , include the lawyers in the process of making the plan to ensure a “ win-win ” for the practice and the lawyers .
7 . Checking in
I have had clients on the brink of retirement that were blindsided by key employees leaving their firms . As you can imagine , this sent the clients into emergency crisis mode , increased their workloads tremendously , and postponed any retirement plans they had made . In speaking to these employer clients , they would tell me : “ I thought that she / he was happy ,” and “ I was paying the employee well .” However , I would hear from the employee that they were : “ unhappy for years ” and that the employer “ never listened .” How could two parties be so far apart ? The answer : lack of communication about job satisfaction , the future , and a clear career plan for the employee ( as stated above regarding a clear path for success ). If you are basing your future , especially retirement , or your practice ’ s future on a lawyer staying with your practice , have these discussions sooner rather than later ( and regularly ). It is imperative in order to avoid an unforeseen business crisis .
8 . Compensation
While compensation might not be the same motivator that it used to be with the next generation of lawyers , it is still important to be attuned to market rates to be competitive . If your practice cannot offer the most attractive starting compensation , get creative . Structure a compensation plan that can be competitive based upon the production of the lawyer ( i . e . formulaic bonuses ).
9 . Be innovative
One size does not fit all . Learn from lawyers within your practice and prospective lawyers about what motivates them . What incentives would resonate with them . A recent study regarding millennial workers stated that they would take a significant pay cut if they were allowed to bring their pets to work . In the same study , millennial workers stated that having a “ voice ” within their company was one of the most important factors to employment . Listen , learn , adapt .
10 . Retiring lawyers
Lawyers within your practice that have tremendous legal experience and are on the brink of retirement are a tremendous asset for your practice . Find out ways to prolong their employment that works for both them and the practice . As stated above , be flexible ! This retention will do wonders with mentoring , business generation , culture , and possible attraction of other lawyers looking to prolong their careers into retirement .
Recovery of Investors ' Losses
Representing individuals and entities that have suffered losses as a result of the negligence , fraud or other wrongdoing of their stockbroker , investment advisor , or other financial professional .
Scott C . Ilgenfritz
Board Certified Business Litigation Attorney
scotti @ jpfirm . com www . floridasecuritiesfraudlawyer . com
401 E . Jackson St ., Suite 3100 Tampa , FL 33602 n ( 813 ) 225-2500
Member of the Public Investors Arbitration Bar Association ( PIABA ) since 1997 . Past President of PIABA . Member of PIABA ’ s Board of Directors 2008-2017 .
ST . PETERSBURG BAR ASSOCIATION PARACLETE
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