Compensation & Benefits for Law Offices

Recent law school graduates aren’t entering the most hospitable talent marketplace. Or are they? It seems counterintuitive to what most of us know about how firms are responding to the downturn. Nonetheless, new data show that for new lawyers, finding work isn’t like finding the proverbial needle in a haystack—at least for now.

What’s keeping your firm’s partners up at night now? Aside from the obvious—the economy and increasing pressure on billable hours—are a host of issues that perceptive law firm managers would do well to familiarize themselves with now.

The staffing area of your law firm’s Web site (meaning, the section meant to draw in hot employment prospects) needs regular tweaking. The point is to ensure that your site attracts the best talent, so few firms can afford to overlook periodic updates. However, how can you make the staffing area of your Web site stand out from the crowd? And how can you make your site the one that attracts the best talent?

All work and no play makes Jack a difficult person to work with. Yet, creating a law firm culture that implicitly values work-life balance and encourages a positive work experience is no easy task—especially in a tumultuous economy.

Retention and professional development are no longer burning topics. But law firms that let these matters slide because of a sense that the war for talent is officially over are fooling themselves.

We’ve all heard the news: A talent shortage is looming, so despite the weak economy and the need of all law firms to scale back, now’s the time to focus on retaining your top talent.

Legal Practitioners’ Take on Burgeoning Practice Areas Attorneys and law firm recruitment professionals may differ in their thinking on the practice areas that will see the greatest degree of growth in the months ahead, but it always makes for an interesting read.

ALA Region 1 Educational Conference & Exposition, Portland, Maine, Sept. 12-13. Contact: Association of Legal Administrators, 75 Tri-State International, Suite 222, Lincolnshire, IL 60069. 847-267-1252; fax: 847-267-1329; www.alanet.org

Domestic stock indices in June and July fell notably across the board. Two of the biggest losers in July were the Wilshire 5000 Equal, which dropped 11.37 percent, and the S&P 500, which fell 11.92 percent. Foreign indices dropped precipitously, with the international MSCI EAFE falling 13.04 percent in the past year. Looking at yields over the long term, the barometer by which retirement holdings should be judged, domestic stocks did well over the five- and three-year periods. But diversification to limit overall risk is needed. Over the 10-, seven-, and one-year periods, five-year Treasuries outperformed bonds and five-year GICs. Over the five- and three-year periods, five-year GICs took the lead.

Ten Liability Pitfalls to Avoid When Making Recessionary Layoffs