Incorrect lyrics I know, but a certain song suddenly came into my head (and didn’t remove itself again for a good few hours) when reading through the research conducted by the International Bar Association and published last week by Richard Tromans, Artifical Lawyer.

The global survey used a sample of 3000 lawyers from across the profession to understand why lawyers are leaving for new pastures within the profession – and even more concerning, why lawyers want to leave the profession entirely.

Coming out on top, with no major surprise was cash. The huge salaries being offered will always be a key component of the movement within any market but it is the next two areas that struck me. Of the 3000 lawyers 50.9% of them highlighted that a “workplace promoting a healthy work-life balance” was the next major reason for lawyers to leave, or to stay. The next one on the list – “variety of work” – with a whopping 34.8% of those surveyed stating this was the next factor to jump ship or sit tight.

The salary battle will at some point hit the ceiling. Firms will only be able to go so far to attracting new talent by continuing to increase salaries before it dilutes law firm profitability. Rate increases will likely not be able to cover that and in fact, law firm clients are looking for more cost reductions from their law firm partners, which will create further challenges if salaries continue to rise at similar rates to the last few years. Indeed, our recent global Legal Resource Management Report found that over 69% of firms are receiving pressure from clients to make sure work is completed by the most cost-effective resource.

So then it falls to firms to create a structure and culture which enables associates to achieve a better work life balance with even work allocation and better visibility of data to drive this. As highlighted, it is not all about the volume of work, however. Firms must also ensure opportunities are aligned to areas of expertise and interests or to associate career development, to engage them and support their progression within the firm.

An equitable approach to work allocation is essential to improve retention and reduce the need to enter into the challenging recruitment market. Even though this is the case our recent Global Legal Resource Management Report found that a staggering 63% of firms do not have data regarding the different skillset of each associate. This is a core component to making sure that work is being aligned not just to those who have time, but also have the relevant skills to deliver the work efficiently. There is also a complete lack of visibility of the work that has been allocated, with 60% of firms not having information of work that has been allocated from partners to associates.

This is where legal Resource Management plays an essential role for firms. Having the process and technology to enable firms to demonstrate their commitment to distributing work across their associate population, while factoring in their level of capacity, aligning work to their existing capabilities and providing access to opportunities to enhance their careers is key for firms to thrive. It creates an attraction tool for lateral hires and also enables retention of existing associates. It is firms that embrace legal resource management that will continue to grow and increase their competitive advantage in a recruitment market that will only continue to become more aggressive.

For further information on our Resource Management solution please visit our product page.