Attorney Attrition in 2020, and What Your Firm Can Do About It
As the year rolls to a close, are there more empty offices in your firm than usual? Within the top 25 largest firms in Wisconsin, more than 10% of attorneys who started 2019 with a particular firm are no longer there, according to Leopard Solutions. Some have made the move to another firm or an in-house department, while others have retired or left the state. At PS Companies, we’ve seen steady law firm hiring activity throughout the year to make up for attrition and to support expansion. We expect this trend will continue in 2020.
Two factors in particular are influencing attorney attrition:
It’s a candidate’s job market. Law firms are hiring, and top talent is in demand. Today’s attorneys have no reason to stay with a firm if the culture just isn’t a fit – there are plenty of other opportunities out there.
In-house hiring is on the rise. As we mentioned in an earlier blog click here, in-house departments are expanding, and the alternative work expectations are proving attractive for many.
Whether you’re trying to turn attrition rates around in your firm, or need to hire more talent to support your firm’s growth objectives, you need a good strategy to bring candidates in the door. With our understanding of the legal talent market in the Great Lakes states, PS Companies is your partner in hiring. We’ll work with you to develop a competitive recruiting strategy, and build the relationships that will lead to better retention of the talent you want to keep.