A recent survey by the Law Consultancy Network, in association with the Law Society Gazette, has revealed that the three key issues facing law firms in 2016 are attracting and retaining talent and succession planning.
The survey which can be downloaded here, was completed by 46 law firms and asked respondents what they saw as the top three issues for their law firm in 2016. As well as talent recruitment and retention, other issues that were frequently mentioned included profitability, growth and cash flow.
The authors of the survey comment that “the issues of attracting and retaining talent are closely linked and are currently a major issue for many firms. It is not so much the retirement of existing partners that is the issue, although that can be complicated, especially the repayment of capital, but identifying their successors. The problem is not just persuading them to stay but actually identifying the skills required and developing these skills in people who will become the next generation of partners.”
Jonathan Benjamin, RedLaw Director, adds “This is very much in line with our experience, and there is no doubt that a law firm’s growth strategy is dependent upon attracting the right lawyers to bring new clients and build a practice area. The art of retaining that talent is the flip side for firms who do not wish to see their top rainmakers leave to go to a competitor.”