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Why the War for Talent Is Escalating for Law Firms - Attorney at Work
The diversity imperative. Law firms have gotten the message from corporate clients that legal teams handling their business need to be more diverse. Virtually all law firms that we talk to are encouraging us to recruit diverse attorneys. As a result, the competition to recruit such lawyers is extremely intense. Moreover, statistics show that minorities and women leave their firms throughout their careers at a much higher rate than the overall average. Firms are just beginning to grapple with the fact that the traditional “assignment and mentoring” approach to associate advancement tends to reinforce unconscious bias against diverse lawyers. As a result, many firms have to focus on different methods to ensure the retention of diverse lawyers.

Difficulty implementing succession planning. Law firms are unique organizations in that clients tend to be tied to one attorney who is the point person for all, or nearly all, of their legal work. Studies show that nearly 35 percent of their business is tied to lawyers who are over age 60. Yet firms have struggled with transitioning those clients to more junior lawyers within the firm. Much of this is tied to the largely origination-based compensation of most firms, which makes it difficult for senior lawyers to transition work for the good of the firm, and also make it difficult to incentivize the up-and-coming lawyers. As a result, those lawyers are more apt to change firms or leave private practice entirely. (And in many cases, the client leaves the firm as well.)
firms  talent  diversity  succession  generations  strategy 
21 days ago by JordanFurlong
Are Law Firms Ready for Generation Z? They'd Better Be. | Legaltech News
Although there’s no official date for when Generation Z begins, the Pew Research Center generally defines the members of Gen Z as those born in or after 1997 (some others have moved up that admittedly arbitrary benchmark to 1995). The generational boundary gives members of Gen Z one major distinguishing characteristic: their connection to technology.
“Millennials were living a life where technology was changing things and they were on the forefront of the change,” says Orrick, Herrington & Sutcliffe chief talent officer Siobhan Handley. “Gen Z doesn’t know a time before [that change].”

The oldest members of the Gen Z cohort, also known as the iGeneration, were only around 10 years old when the iPhone launched in 1997. As they entered their teenage years, the world became more interconnected through the widespread saturation of Wi-Fi, smartphones and high-bandwidth cellular service. A survey last year by Pew Research of teens, social media and technology found that 95 percent of adolescents have a smartphone or access to one. And 45 percent of teens said they were online on “a near-constant basis.”

“The smartphone has been their method of doing everything,” says Wake Forest University law professor Laura Graham.
generations  demographics  training 
21 days ago by JordanFurlong

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