Which law firms are your associates most keen to move to?
Amid competition for legal talent, we investigate what drives job satisfaction for associates, plus which law firms are most attractive and why.
What draws lawyers to some firms and not others? Motivation, engagement and flight risk were some of the important areas we explored in our legal talent survey. The answers, drawn from 1,680 respondents at 110 top UK firms, provide valuable intelligence for law firm recruitment and retention.
Explore the full findings in the report: Leading Teams: Engagement, Motivation and Flight Risk in the UK Legal Talent Market
Law firm recruitment edge: attracting trainees
Trainees are looking for a combination of practical and cultural factors as they start to establish their careers. The most compelling reasons to choose a firm are its quality of work, organisational culture and practice area focus.
Looking more closely, different types of firms attract different motivations. Among individuals at national/regional firms, the desire for work-life balance and the location ranked much higher than the overall average.
Meanwhile, trainees at US firms are drawn by the promise of early responsibility and competitive salaries. International firms attract those with a yearning to work in an organisation with a global footprint and international opportunities.
Law firms seeking to attract top trainee talent should tailor their value proposition to their firm type. Key to this is emphasising the advantages they can offer, be that work-life balance or exposure to high-stakes matters.
The key is authenticity: focus on the strengths that naturally align with your firm rather than trying to compete on every front.
Job satisfaction for associates
When asked what would improve their job satisfaction, associates give very different answers depending on the type of firm they work at.
At regional and national firms, salary is a major factor, reflecting the lower comparative pay on offer at these practices. International and US firms are more likely to mention career development opportunities and work-life balance.
Although there's no universal solution, a good place to start is to consider the factors that typically affect job satisfaction for firms in your category. Do they apply to the firm and, if so, what could be done to improve them?
Law firm retention and flight risk
Our research on UK-based associates shows that around one-third of them are unhappy in their roles, and some 40% plan to leave their firm within the next five years — most in search of improvements they feel they could get at another law firm.
Losing talent to competitors is costly and disruptive. It’s no wonder law firms are keen to retain the brightest and best. How can they do that effectively?
Understanding the push and pull factors behind a decision to stay or leave is crucial. We asked associates what would encourage them to stay longer in their current role. Once again, there is a significant difference between different types of firms.
At regional/national firms, compensation is most significant, followed by leadership vision. Associates at international firms would be most keen to stay if work-life balance improved. But those at US firms are most interested in the likelihood of achieving partnership status – and prepared to move on if this seems too uncertain.
Effective retention should begin with clear self-assessment and employee feedback to understand what matters most to associates at your firm.
The most attractive firms to move to
So, which UK law firms are currently winning the legal talent game, from the point of view of our surveyed associates and trainees?
Among national and regional firms, the top five most attractive firms included Mills & Reeve and Burges Salmon.
Bird & Bird topped the list for international firms, with Kirkland in second place.
The US firms are led by Latham & Watkins and Paul, Weiss, with three further firms on the top five list.
Key pull factors drawing interest from lawyers looking to make a move to these firms include reputation and benefits, career opportunities and culture.
To see the top five most attractive law firms in every category – as well as the top 5 pull factors for each – view the full report here.
Conclusion: Understand, then act
Our research confirms that associates aren't staying put. Instead, they're making calculated decisions about where to go next. The firms appearing on their shortlists have developed distinctive value propositions that are making them stand out in a competitive and crowded market.
Understanding the particular needs of their associate pool will enable firms to take appropriate measures with a better chance of success. For example, these could include transparent communication about partnership progression, providing more exposure to learning opportunities or increasing support with workload management.
As top talent continues to be firms’ most valuable commodity, the questions every firm should be asking themselves are; what is our unique value proposition? Is it authentic to the culture of the firm? And are we delivering on that promise?
Key takeaways
- Two in five UK associates are planning to leave their firm within the next five years; this rises to more than half of those at international firms.
- Trainees choose firms based on quality of work and culture first, but their secondary priorities split along firm type. National/regional firms attract those who want better work-life balance, while US firms draw candidates seeking early responsibility and higher pay.
- What keeps associates satisfied varies significantly. Those at regional and national firms want better compensation, international firm associates want improved operations and US firm associates are focused on career progression.
- Retention comes down to knowing what your associates value the most and taking steps to enhance this.
Go from retention to performance
Now find out what creates engagement, how to build great culture and which types of learning associates find most effective.