This report by Leopard Solutions analyzes the challenges facing mid-sized Connecticut law firms in the wake of increasingly flexible work-from-home policies offered by their Big Law competitors.
Key Findings:
- Salary Disparity: Starting salaries in Connecticut Am Law 200 firms ($174K) fall short of their New York counterparts ($200K) by an average of $27K, making recruitment a challenge.
- Lateral Hiring Decline: Lateral hiring of associates, partners, and counsel at Am Law 200 firms in Connecticut has decreased, with open positions dropping 21% over two years.
- Talent Drain: Big Law attorneys leaving Connecticut are relocating beyond the tri-state area, indicating a broader migration pattern.
- Practice Area Decline: Seven out of 13 tracked practice areas in Connecticut Am Law 200 firms experienced a net loss of lawyers through lateral movement.
Recommendations for Mid-Sized Law Firms:
- Competitive Compensation: Raise billable fees to increase profits and offer salaries closer to those of Big Law firms.
- Strategic Investment: Reinvest profits in generative AI and cloud-based solutions to boost efficiency and profitability.
- Culture Building: Foster a strong firm culture to improve retention.
- Alternative Recruiting Strategies: Expand recruitment beyond traditional universities and avoid overcompensated rainmakers with high client turnover.
These findings highlight the urgent need for mid-sized Connecticut law firms to adapt to the changing legal landscape. By implementing these recommendations, these firms can remain competitive and attract top talent.
Read the full article here.
