Associate Attrition Rates are on the Upswing
Law Firm News
With associate attrition rates on the upswing and young lawyers unwilling to sacrifice personal time, law firms are being forced to rethink the classic high-workload, partner-track model for associates or watch as valuable talent slips away.
Firms have found that the lure of a hefty paycheck in exchange for a rigorous schedule has lost some of its shine for associates, who have different views on what success represents and increasingly leave firms after a handful of years. The new paradigm presents a dilemma for law firms, which have for years relied on the assumption that money -- and the potential of making partner -- buys loyalty.
Local and national law firms have begun to tweak that model, looking for creative alternatives to retain associates who are expensive to hire, but even more expensive to replace.
In 2006, the associate attrition rate in the U.S. was 19 percent, the same percentage as the previous year, which was the highest rate documented by any prior study of attrition, according to the National Association for Law Placement Foundation in Overland Park, Kan. Broken down, larger firms experience even higher rates of attrition with firms larger than 500 reporting a range of 13 percent to 27 percent attrition, according to NALP.
Associates' salaries at large firms range from $160,000 to $285,000 with the possibility of bonuses of $25,000 to $50,000. Meanwhile some law firms peg the cost of replacing an associate at around $300,000.
"Obviously law firms are quite concerned that associates are bailing out left and right," said Paul Clifford, a principal at Law Practice Consultants LLC in Boston. "Firms are starting to wake up to this and are starting to get more creative."
Nationally, McDermott Will & Emery is in the process of hiring a new class of about 15 staff associates who will charge less per hour for lower-end work, make less money and not be on the partnership track, according to a story on Law.com. The lawyers hired will be those who are not interested in working 80-hour weeks. The move is designed to benefit clients, who will pay less for their services. A representative from McDermott Will & Emery said the firm did not wish to comment for this story.
Related listings
-
Healy Law Firm Receives $20.2M Verdict
Law Firm News 11/21/2007A Cook County jury recently awarded a total of $20.2 million to three families, whose children were killed in a car accident with a Dean Foods tractor-trailer at an Indiana intersection in case number L016261. Martin Healy, Jr., Daniel Malone, and Da...
-
Reed Smith Enhances Tax Legal Practice
Law Firm News 11/21/2007The US Law Firm Newswire - Reed Smith, one of the 15 largest law firms in the world, today announced the addition of Michael J. Wynne as a partner in the firm’s State Tax Practice in the Chicago office, effective November 19. “Michael’s arrival at Re...
-
Skadden Beefs up Security with Endpoint
Law Firm News 11/21/2007Endpoint security has given one of the world's largest law firms the ironclad network security it needs to enforce its strict policies while also ensuring that the network and the computers connected to it are safe from attack. It wasn't always that ...

New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.