Law firm associates want more than money
An interesting article appears in Law Office Management & Administration Report, April 2007 issue about the new associate salary increase. The point of the article is that “money isn’t the answer…” to keep associates.
Given a competitive environment, one may first look to the money. But that seems to be a given, with all the large firms at the same level. What then, are the other factors that influence a “newbie’s” decision?
Here are some of the factors that are suggested in surveys:
• Attractiveness of specific work
• Methodology of making quality work assignments
• Candor about partnership prospects
• Reputation of the lawyers (partners) and collegiality
• Turnover rate which gives an indication of the value to the firm of its recent graduates (“Eat ‘em up and spit ‘em out” mentality is not a pleasant place to work.)
As LOMA concludes, “If your firm hasn’t figured out a range of recruiting alternatives that go beyond compensation, devised a range of means to hold on to the junior lawyers brought on board … then now is the time to put a plan into play.”Tags: Cash Flow - Finances
Categorized in: Cash Flow - Finances