Keeping the Talent Happy
Bruce MacEwen has some advice for law firms seeking to win the war on talent. According to a Legal Week survey that Mayerson discusses, it's never been harder to find talent with the retirement of baby boomers and the growing skills gap. I'd also argue that with the advent of the Internet and access to information, lawyers are able to ferret out leads on where the best jobs are and are more inclined to move than lawyers of 15 years ago.
So how do you get good people to stick around? Here, Macewen cites some surprising results. With so much focus on the work-family balance, one might think that more balanced work hours and a more accomodating firm would appeal to talented lawyers. But a McKinsey study points out that these factors are the most important contributors to career satisfaction:
* firm's values and culture (58%)
* freedom and autonomy (56%)
* exciting challenges (51%)
* a well-managed firm (50%)
* career advancement and growth (39%)
* respect for lifestyle (14%)
* job security (8%)
* acceptable pace and stress (1%)
MacEwen's not willing to conclude that firms can just work everybody 2,200+ hours per year and assume that if your firm's 'values and culture' are outstanding (which indubitably they are!), you have no attritution problems. But he makes an important point: For all the talk about work-life balance, it may not be what attracts and retains talent.
What do you think?
Posted by Carolyn Elefant on July 27, 2006 at 05:07 PM | Permalink
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