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Investing In Resources That Make a Law Firm Hum
Law firms have historically put the lion's share of their financial resources and efforts toward ensuring they have the "best" legal talent to meet or exceed client expectations. For most firms, only scant attention and limited resources have been devoted to having the critical behind-the-scenes human and other assets in place to make the firm hum. These valuable assets ensure that the mail comes in and goes out; client invoices are prepared, sent, and collected; vendors are paid; documents are edited and distributed; employees are thriving and staying; and clients are received at reception with a smile. These touchpoints are vital to a firm's success.
Firm leadership must think about their talent (and that means all their talent) differently than they do today: as a core business asset whose managed value can make or break the firm's success. When business and strategic plans fail to consider these core business assets, they continue to be perceived as subordinate and supportive rather than stabilizers and growth drivers for a firm's success.
During 2021, in the wake of the COVID-19 pandemic, turnover at Am Law 100 firms rose from its historic 16% rate to an astonishing 27%. Law firm leaders, worried about "The Great Resignation," exhorted their HR and recruiting teams to find new ways to retain and attract top talent. As firms competed to entice scarce talent, they increased starting salaries drastically over pre-pandemic ranges and offered unprecedented signing bonuses. At the same time, they attempted to retain top talent by responding with tactical measures, for example, minor tweaks to compensation and benefits, retention bonuses, diversity, and well-being programs, and resorted to internal mantras about their culture being a selling point.
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