Publication | ThinkSet
Facing Widespread Disruption, These Law Firm Leaders Have Learned How to Adapt
A tight labor pool and cost pushbacks from clients have forced many in the legal industry to change the ways they operate.
The response has been swift and varied. Industry mergers have decelerated from their ten-year average as firms reprioritize depth and specialization. Meanwhile, the “Great Resignation” has forged a radical shift in retention and recruitment. Last year, Am Law 100 firms experienced an associate turnover rate of 23.7 percent, spurring some to offer a range of perks, including higher compensation, alternative payment models, workplace flexibility, and a more supportive organizational culture.
To cut through the noise, I have interviewed law firm leaders across the globe on my new podcast, Insights from the Top: Law Firm Leadership, to find out how they’re navigating one of the most disruptive eras in recent history. After a year of these discussions, I took away several distinct approaches that could be a guide for others as they head into 2023 and beyond.