Hiring and retaining top legal talent is a challenge many law firms face in today’s competitive market. For over 20 years, Leopard Solutions has been at the forefront of helping law firms attract and retain high-caliber attorneys, providing the tools and data-driven insights they need to stay ahead. Our extensive database has not only grown in quantity and quality but has also evolved to offer effective strategies that address hiring challenges, ensuring firms can build and maintain a robust team.
The Problem with Reactive Hiring
Many law firms tend to react to immediate staffing gaps, filling positions quickly without considering long-term strategic goals. This “replace and repeat” cycle often leads to inefficiencies, increased costs, and missed opportunities. For example, in 2021, Top 200 firms aggressively hired M&A attorneys, only to lay off many later, resulting in millions of lost ROI. Meanwhile, midsize firms positioned themselves as stable alternatives and successfully attracted talent seeking a less reactionary environment.
To avoid these pitfalls, firms should focus on intentional hiring strategies aligning with their long-term vision, ensuring each hire has a clear path within the organization. This forward-thinking approach saves time and resources and strengthens the firm’s reputation in the marketplace.
What Are Your Firm’s Goals?
- Geographic Expansion: Which new markets should your firm target or further develop?
- Service Offerings: Which practice areas should your firm launch or enhance?
- Client Strategy: In which areas should your firm focus on deepening relationships with current clients and increasing market share?
- Talent & Demographics: Where is succession planning or strengthening the talent pool necessary? What are your firm’s diversity recruitment goals, and which skill sets are essential for long-term success?
These objectives should clearly define law firms’ hiring goals.
Utilizing Data for Strategic Hiring
Data should be the foundation of any hiring strategy. Our Leopard List database, which began as a simple list of New York associates, now covers over 5,500 firms, and we’re on track to reach 6,000. This depth of data provides firms with a competitive edge in identifying talent by practice area, specialty, JD year, diversity, and more. By leveraging our Recruiting Connection Report, firms can uncover potential candidates by connecting with their current employees, making the integration process smoother.
Moreover, our Probability of Move tool, based on 20 years of lateral data, helps firms identify attorneys inclined to change jobs. This proactive approach enables firms to target candidates from firms experiencing instability or declining headcount, increasing the chances of successful recruitment.
Retention: The Key to Long-Term Success
Retaining talent is as essential as hiring, and our data-driven insights can help identify areas where firms can improve. One common retention issue is the need for advancement opportunities. Firms can attract top talent by offering precise and realistic paths to partnership, especially to those currently in firms with low promotion rates or longer timelines to partnership.
Additionally, mentoring and work-life balance are crucial factors in retention. While larger firms often struggle with meaningful mentorship due to billable hour pressures, midsize firms have the advantage of providing more personalized guidance. Tailored mentorship programs that align with partners’ interests can significantly improve retention rates and help associates feel valued and supported.
To put things into perspective, making partners at larger firms takes an average of 458 days longer. However, as we’ve seen with individual firms that impact your recruitment, the difference can be even more significant. Suppose you can offer a realistic path to partnership and an improved quality of life. In that case, you may find that talented associates are more likely to seek opportunities with your firm.
Embracing Diversity and Inclusion
Another critical element in both hiring and retention is fostering a genuinely inclusive culture. Our surveys show that attorneys from underrepresented groups highly value fairness, particularly regarding work assignments and promotions. Firms demonstrating a commitment to diversity and offering equitable growth opportunities are more likely to attract and retain diverse talent.
Effective Hiring and Retention Strategies
To develop a successful hiring and retention strategy, law firms should focus on the following:
- Data-Driven Hiring: Use data to identify and target attorneys more likely to consider a move, ensuring a strategic approach to lateral recruitment.
- Clear Career Pathways: To retain top talent and offer transparent advancement opportunities, including realistic paths to partnership.
- Work-Life Balance: Embrace policies that support flexible work arrangements, reasonable workloads, and mental health, attracting candidates seeking a healthier lifestyle.
- Mentorship and Inclusion: Implement mentoring programs that connect partners and associates personally and foster a culture of inclusion and fairness.
- Competitive Compensation and Benefits: While money isn’t everything, competitive compensation packages, along with benefits like wellness programs, parental leave, or student loan assistance, can make a significant difference.
In today’s legal landscape, law firms that proactively adopt a data-driven, strategic approach to hiring and retention will stand out. By focusing on long-term planning, fair work allocation, inclusive culture, and mentorship, firms can build and sustain a high-performing team, ultimately achieving more tremendous success in their practice areas. As the legal market continues to evolve, having a solid strategy and the right tools will be essential for attracting and retaining top talent in the industry.