One thing is for sure: the war for legal talent will continue unremitting into the foreseeable future. A Law360 article discusses how law firms can prevent their top talent from jumping to another one, and conducted a survey that determined that attorneys are more likely to stay put if their law firm has advancement opportunities than if they are being paid a generous sum but feeling stagnant in their current position.
It’s always important to focus on the long-term. Even if a firm is trying to save money by delaying promotions, based on the findings of this survey, it would be a wise investment to cater to the 89% of attorneys who reported that they were both “very dissatisfied” with their firm’s opportunities for advancement and that they were “very likely” or “likely” to look for a new job within the next year. Firms can do this by placing a bigger emphasis on communicating with their employees the timeline and requirements necessary before promotions are considered.