Moreover, associates are both more loyal and more money-driven than law firm leaders assume.
Only one in four current associates want to make partner at their current firm in the next five years, and only 3% aspire to partnership at another firm, in a reversal of traditional law career goals.
This comes as no surprise to almost half of law firm leaders (rising to 63% of leaders at large law firms), who say they have noticed a decline in partnership ambitions among associates. Most of those leaders (71%) attributed the shift to a desire for a better work-life balance.
However, the report, ‘Disloyal lawyers: has the partnership model lost its lustre?’, published this week, also found associates have a strong sense of loyalty to their firm. More than half plan to be at the same firm in five years’ time, with only 12% planning to exit private practice for in-house roles, academia or other career opportunities. This contrasts with the perception of law firm leaders, 72% of whom believe associates are less loyal than previous generations. In fact, some 69% of large law firm leaders cite attracting and retaining talent as one of their biggest challenges.
So, what makes associates stay put? About seven in ten associates would be encouraged to stay by an offer of more money, whereas only 36% would stay for a better work-life balance.
Stuart Greenhill, senior director of segment strategy at LexisNexis, said: ‘The current generation of workers are disruptors, not conformers.
‘If they see something they don't like, they'll push back. To meet growth goals and retain a feasible talent pipeline, law firms will need to find a middle-ground. They cannot rely on what has worked well in the past, especially with the AI revolution well on its way.’
The report, which is based on a survey of more than 500 associates and senior leaders, can be viewed here.
.tmb-mov69x69.jpg?sfvrsn=16d9dd3d_1)
