Staci Zaretsky reports at Above the Law that associates at the top 100 firms billed less hours in 2023 than ever before (1551), while baseline salaries reached an all-time high (225K). Is this a new normal? Is this a trend that will continue?
On the recruiting front, in the past 12 months turnover among associates in the Am Law 100 has been 4x that of the Am Law 100-200, and that constant churn doesn't seem to be slowing down. Firms are struggling to find and retain quality associates, and this is especially true in the top 100 firms.
When expectations are to be able to work less hours for more pay, how are firms supposed to have enough associates to staff cases? It has to come down to more than money — culture, training, integration, flexibility, and path to partnership. Are associates encouraged to work with many different partners to learn different skills and specialties? Is there a rigid work-in-the-office policy, or does the firm seamlessly integrate remote work? Are there clear and attainable steps to partnership, with someone checking in on and helping associates overcome challenges?
It's not rocket science, but firms will need to be more and more intentional competing for those in the associate ranks.
-----------------
Compass Law Group consults law firms across the nation on growth. If you would like a free consultation on how to recruit and retain associates or partners, please reach out to us.