Managing Change - Executive Coaching and Leadership Development
  • Home
  • Development
    • Executive Coaching
    • Leadership Coaching & Development
    • Psychometrics and 360 Feedback
    • Programmes >
      • Leadership Development Programmes
  • Transitions
    • Career Coaching
    • Parental Leave Coaching >
      • Maternity Coaching
      • Paternity Coaching
    • Outplacement >
      • The Programmes
  • Well-being
  • About Us
  • Our Clients
    • Testimonials
  • Contact Us
  • Our Posts

Law careers - boosting retention

26/5/2017

0 Comments

 
​Just over 23% of lawyers in our survey indicated that they expected to remain within their current firm for between 3 and 5 years.  This included nearly 40% of senior associates with a further 10% of them intending to leave within the next 1 to 2 years.  A further 33% of lawyers indicated that they didn't know how long they intended to stay.
Most law firms experience this retention problem at this stage in their lawyers' careers. This creates a constant need to replace lawyers at this level of experience and often requires inducements to attract them. In turn this circle often ends with the new senior associate recruited on better terms than the person he or she replaced. As firms face a near-universal need to cap salaries and bonuses (at least to some extent) and increase utilisation and fee income, this creates tensions in the market with some firms struggling to recruit suitable people. Once newly joined, each new lawyer quite reasonably then needs time to get up to speed to achieve an appropriate level of performance. Alternative approaches that focus on increasing retention seem preferable. 

We asked the lawyers in our survey to indicate what would encourage them to stay longer in their current firms. Perhaps unsurprisingly increased income was the single, most common response with just over 16% indicating that this would be likely to make them stay. 84% however indicated that other factors would lead them to stay longer:
  • Receiving more recognition for my work (the most important feature for 14% of respondents)
  • Having more challenging work to do (12%)
  • More opportunities for business development (10%)
  • More autonomy over my time and workload (10%)
  • Greater variety in my work (8%)
  • Better work/life balance (8%)
  • More opportunities for flexible working (8%)**
These responses support previous management studies which indicate that factors around recognition, meaning and purpose, (i.e. the intrinsic rewards that people derive from working) usually outweigh extrinsic ones such as income and bonus.

Providing appropriate interventions which develop and foster these intrinsic rewards positively impacts retention rates. To be appropriate they should not only be effective (i.e. lead to retention) but also cost beneficial. That is, the amount of the turnover saving should be greater than the cost of the retention programme.

For case study details regarding our work and the consistent, positive outcomes we achieve in this area, do get in touch.

Our Law Careers Survey will be published in full later in the year. If you would like a copy of the report when published,  please sign up below. 
** Other responses were:
  • Opportunities to raise my profile (6%)
  • Doing less business development (4%)
  • Work for a more prestigious firm (4%)

    Sign up to receive the Law Careers Report

Sign up for report
0 Comments



Leave a Reply.

    Categories

    All
    Anxiety
    Appraisal
    Authentic Leadership
    Breaking Through
    Career Coaching
    Careers
    Coaching Psychology
    Communication
    CVs
    Diversity And Inclusion
    Emotional Intelligence
    Employee Engagement
    EQ
    Executive Coaching
    Feedback
    Feedback Culture
    Imposter Syndrome
    Job Interviews
    Job Search
    Lawyer Survey
    Leadership
    Leadership Development
    Leadership Development Programme Model
    Learning And Development
    Management Development
    Managing Change
    Maternity Coaching
    Meetings
    Motivation
    Parental Leave
    Performance
    Positive Psychology
    Psychometrics
    Redundancy
    Resilience
    Returning To Work
    Strengths
    Stress
    Transactional Analysis
    Women Leaders
    Working Mums

    Archives

    May 2022
    February 2022
    October 2021
    July 2021
    June 2021
    March 2021
    October 2020
    September 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    October 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    August 2017
    July 2017
    June 2017
    May 2017
    March 2017
    February 2017
    January 2017
    October 2016
    July 2016
    June 2016
    May 2016
    April 2016
    February 2016
    November 2015
    September 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    February 2014
    January 2014
    November 2013
    October 2013
    September 2013

    RSS Feed

Picture


Managing Change (Cambridge) Limited

t: 07711 503382      e: enquiries@managingchange.org.uk

Copyright © 2016 - 2022 Managing Change (Cambridge) Limited. All Rights Reserved.

GDPR Privacy Policy
  • Home
  • Development
    • Executive Coaching
    • Leadership Coaching & Development
    • Psychometrics and 360 Feedback
    • Programmes >
      • Leadership Development Programmes
  • Transitions
    • Career Coaching
    • Parental Leave Coaching >
      • Maternity Coaching
      • Paternity Coaching
    • Outplacement >
      • The Programmes
  • Well-being
  • About Us
  • Our Clients
    • Testimonials
  • Contact Us
  • Our Posts