How do mid-sized law firms adapt to attract top talent
In this ever-changing and vastly competitive market the question of how to attract top talent seems to be more important than ever and, in particular, for law firms that sit in the mid-tier.
Where once flexibility, shorter commute times and attractive work-life balance were huge selling points to pull first class Lawyers away from the top-flight firms, the landscape has changed post Covid-19. Not only have the high-paying city firms offered a more flexible, remote-working package but they have done so on top-tier salaries immediately providing relief in relation to flexibility, shorter (or non-existent) commute times and subsequently a more attractive work-life balance - and all without the usual hefty sacrifice of a salary cut.
So how exactly are mid-sized firms going to compete? When candidates are looking for a move there will likely be a number of factors at play including aspects such as billable hours, culture and career opportunity, all of which are more difficult to quickly change in the top-tier.
In recent research we found that candidates are remaining committed to long-term personal goals to move away from the hustle and bustle with the draw to a more relaxed working environment. As restrictions are lifted confidence is returning to the candidate market and those that have taken the chance to reflect and assess what it is important over the last 12 months are ready to take action to support their personal career aspirations.
Mid-tier firms able to offer transparency on these key aspects coupled with a forward-thinking approach to fully support remote/flexible working will be the firms that can continue to attract first-class Lawyers. Competitive salaries and bonus packages will always be a topic of conversation (see our Salary Guide 2021 for more details) however culture, ethos, integrity and long-term career opportunity will always have a place in a competitive market.
eNL has been working with law firms across the UK since 1999. For more information on how mid-tier law firms are taking action to stand out from the crowd, please get in touch with a member of our specialist team.