Law Firm Attrition - How to Overcome a Growing Dilemma
Posted: November 6th, 2007
By: Dan Mandelbaum
Category: Career Corner, Law Firms

Here is a staggering figure for you to think about: 75% of new associates switch firms within their first five years (NALP).  This is not an exaggeration and it is not something to take lightly.   While job-turnover these days is the highest it has ever been, it seems to be particularly high in the field of Law; it is no surprise that it is the young associates who contribute most to this astounding number.

So why the high turnover rate?  For starters, it has nothing to do with the field or the firm, but rather, the generation of these young associates.  The career mentality between the Baby Boomers and Generation X and Y differs tremendously.  Whereas the idea of staying with one company to establish longevity and build up a pension was once an appealing goal, these days, young professionals want to go “wherever the money is.”  Generation X and Y’ers are optimistic and confident in themselves; approaching them with assurances of “job security” and “promising career paths” won’t exactly pique their interest as much as “higher paychecks” will.  In law firms, these young associates see the managing partners making the big bucks, yet those firm managers are also twice their age.  On the other side, they see young entrepreneurs their age, starting online companies and making millions.  It is important to remember that Gen X and Y’ers grew up in a fast paced environment where everything from clothes to concert tickets to better-paying jobs is just a click away.

So how do you keep them?  Well, it’s easier said than done, but some firms are coming up with innovative ideas to give these young associates a better sense of job loyalty.  Helping the associate pay off his/her student loans certainly sounds like an avant-garde idea, yet some firms see this as a great way to establish trust and a family mentality, thereby keeping the attorney at the firm.  Some firms are even sending their young associates on priority projects (such as business overseas or top clients) to give them a sense of value to the firm.   Other firms are beginning to ask more and more for the associates’ opinions and feedback on firm matters.  While these young attorneys do not have much experience in the courtroom or in arbitrations, they have more than enough of a background in technology and internet matters, making their opinions on technological issues very important. 

These days, everyone wants to be where the money is.  The choice to join firm “Stay Grow & Prosper L.L.C.” or join firm “Money & Now P.C.” isn’t really a choice at all.  While money will always be a deciding factor in choosing to leave a job, a firm can establish a sense of trust and empowerment with its young attorneys, to ward off “Money & Now P.C.” the next time they come calling.  

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Comments
I agree with everything you said. Sadly, its all about the money for young lawyers. law school is just too expensive
Comment By: steve - November 6, 2007