It will be no news to you that big law firms are struggling to retain associates. Almost all of them suffer from an enlarging associate vacuum after the 3rd year. The national attrition average at the 5 year point is around 80%! It really hurts firms to lose associates during what would be their most profitable years, not to mention the impact on firm morale when so many jump ship.
Some law firms are finally getting the message and starting to develop new associate programs aimed at keeping their talent. Although the programs may feel revolutionary inside the firm, in reality, many firms are just dipping their toes in the water. It’s hard to be forward-thinking and innovative when your whole culture is based on looking backwards and following precedent.
To get a peek at what some firms are doing, read the excellent New York Times article “Who’s Cuddly Now? Law Firms?” published yesterday. Most are trying to create more flexibility. Their plans purportedly allow lawyers to decide for themselves whether they want to be hard chargers racing to the holy grail of partnership, or whether they are willing to accept a later partnership entry in exchange for healthier working hours. It will be interesting to see whether the firm cultures really do reward either path.