The first-half Legal Market Pulse for 2015/2016 included survey data from leaders across mid and top-tier Australian law firms, around 34 per cent with offices overseas but the bulk based in Australian capital cities. General market sentiment seems to be cautiously on the up, but not everyone is happy. The survey provided a valuable insight into why lawyers choose to remain with their firm, and why they might choose to walk away. Keeping things interesting appears to be crucial for retaining top talent. The opportunity to work with challenging cases and clients was chief among the reasons why respondents said lawyers want to stay with their firm, as was the availability of top-quality mentoring and professional development opportunities. Workplace culture and environment was another key reason to stay, with firm hours, location and a 'positive work culture' all gaining a mention.
Push factors
However, where things can go right it appears they can also go very wrong. The top three most cited reasons to leave a firm closely mirrored the reasons people would choose to stay. A lack of recognition and a frustrating relationship with management were two of the most common reasons given for lawyers to head for the door. Micromanagement, managerial arrogance and a lack of strategic direction or innovation can send lawyers packing, as can feeling disengaged or undervalued by their team. Interestingly, keeping staff fully utilised was the most commonly mentioned challenge for law firm managers in the year ahead, with 74 per cent reporting a struggle. Lawyers in mid-tier firms may also be driven to larger competitors seeking opportunities and benefits not available to them in a smaller practice, including cream-of the-crop clients. Source: CommBank
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