Legal Market Report Says Firms Will Struggle to Retain Talent

March 11, 2022

The 2022 Report on the State of the Legal Market published by Georgetown University Law Center and Thomson Reuters confirms that, despite record profits, law firms still struggle to recruit and retain talent. 

Many firms have tried to solve the talent problem by paying lawyers more money (and, inevitably, charging clients more and pushing lawyers to ever-higher billable targets). But this recruiting strategy has begun “to collide with lawyers’ evolving work preferences,” according to the Report. As a result, higher salaries are not increasing retention. In fact, attorney turnover has risen to record levels, with some firms losing almost a quarter of their associates last year. 


Many firms seem to believe they are facing a supply problem, i.e., that there aren’t enough lawyers. But the reality is that firms are experiencing a lack of demand for what they offer. Firms that pay more money–but do not offer mentoring, work-life balance, or a realistic chance of ever joining the equity partner ranks–will still struggle to find and retain talent.

Impact of Extrinsic Motivation On Intrinsic Move forward

Lorem ipsum dolor sit met, consectetur adipisicing lit, sed do eiusmod tempor incididunt ut labore et dolore magna ali qua. Ut enim ad minim venom od tempor incididunt ut lab.
Read more

Impact of Extrinsic Motivation On Intrinsic Move forward

Lorem ipsum dolor sit met, consectetur adipisicing lit, sed do eiusmod tempor incididunt ut labore et dolore magna ali qua. Ut enim ad minim venom od tempor incididunt ut lab.
Read more

Impact of Extrinsic Motivation On Intrinsic Move forward

Lorem ipsum dolor sit met, consectetur adipisicing lit, sed do eiusmod tempor incididunt ut labore et dolore magna ali qua. Ut enim ad minim venom od tempor incididunt ut lab.
Read more

Impact of Extrinsic Motivation On Intrinsic Move forward

Lorem ipsum dolor sit met, consectetur adipisicing lit, sed do eiusmod tempor incididunt ut labore et dolore magna ali qua. Ut enim ad minim venom od tempor incididunt ut lab.
Read more

Law Firms Are More Profitable Than Ever (So Why Aren’t They Promoting More Equity Partners?)

In its annual survey of law firms, Wells Fargo’s Legal Specialty Group found that most firms reported increased revenue in 2021, with the top 50 firms reporting 16% growth on average.
Read moreRead more

It’s Time to Scrap Rule 5.4 (and Allow Outside Investment in Law Firms)

The American Bar Association’s (ABA) Model Rule of Professional Conduct 5.4, adopted in most states, effectively prohibits investment in law firms by non-lawyers.
Read moreRead more

To Diversify Their Outside Counsel, Clients Should Think Beyond Big Law

Women’s history month is coming to a close, and I’m reading a story about Coca-Cola struggling to figure out a way to diversify its outside counsel.
Read moreRead more