Compensation & Benefits for Law Offices
Compensation & Benefits for Law Offices is an indispensable reference for law firm recruitment, training, compensation, benefits, and HR managers who want and need to keep pace with what it takes to successfully recruit, retain, train, reward, recognize, and compensate top legal talent. Each issue provides you with a sneak peak at law firm best practices; critical news; important new trends, tactics, resources, new products; and more. It’s a virtual blueprint for success in today’s highly competitive market for legal talent and a resource containing information that law firm professionals can and will use daily.
May 2005 - Table of Contents
Many firms have difficulties developing satisfying and fruitful relationships with lateral partners, yet the solution to this problem may be quite simple. The relationship between a lateral partner and a law firm is not much different from other human experiences: Laterals want to be "loved," and the law firm the lateral partner joins wants to be "loved" as well.
It’s no secret that associates are more apt to leave your law firm when relationships with their partner/supervisors are, shall we say, "unsatisfactory." Not every supervisor is blameworthy, of course, but tales of abrasive partners who seemed oblivious to the bottom-line implications of their behavior are legion.
Despite news of a reversal of fortune for recent law school graduates, the latest data suggest that the market for first-years isn’t running at full throttle just yet, but it has been making a slow if unspectacular comeback. That at least is the view from the latest report on law school recruiting from the Washington, D.C.-based National Association for Law Placement.
How much is associate turnover costing your firm? Although most law firm leaders are aware that the amount is in the six-figure range, the latest research on the subject places the average total cost of one associate’s departure at a whopping $315,000—approximately twice the average associate salary.
Although stocks posted positive returns In February, virtually all stock indices reported negative returns in March.
Retention of women professionals has always been a tricky proposition. At the heart of the matter is the question of why so many women—especially those who have worked for years to advance professionally—leave. Are they being pulled out of the workforce due to family demands or pushed out by elements of the job or the atmosphere of the firm? What challenges do women face in re-entering the workforce—and how are they penalized for leaving? And, what can your law firm do to keep women on the road to success?
Many law firm professionals believe exit interviews provide invaluable information that can help them craft effective recruitment and retention strategies. Yet others question the relevance of face-to-face exit interviews because they doubt the people being interviewed think they have anything to gain from the process. People in their right minds, the argument goes, won’t reveal their real reason for leaving, so you’re left with platitudes.
Forty-one percent of the full-time employees queried confess that they are "extremely concerned" about having enough money to pay their bills. Other fears include having enough money to make ends meet (63%), "having appropriate health insurance" (59%), and outliving their retirement savings (49%).
Latest Data on Equity Partner Pay in New York City Law Firms
Bridging the Generation Gap
Does Your Firm Have a Written Strategic Health-Care Plan?
Has Your Law Firm Considered Mid-Year Performance Reviews?
Bridging the Generation Gap
Does Your Firm Have a Written Strategic Health-Care Plan?
Has Your Law Firm Considered Mid-Year Performance Reviews?
The CLE Calendar for May through June 2005 is in the attached PDF.
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