All of which makes it slightly inconvenient that the definitive annual snapshot of attitudes among lawyers at leading commercial firms from Legal Week’s research arm, Legal Week Intelligence, reveals a dynamic that on the majority of yardsticks is moving in the opposite direction to that received wisdom.
This means satisfaction is up across the board on ‘soft’ factors such as quality of life, communication and treatment but also on many ‘hard’ factors such as salary and career development. There has also been a substantial drop in those wanting to leave the profession and a notable increase in those citing partnership as their ultimate goal (the latter trend being the most pronounced among the youngest lawyers).
As you would expect, the number of assistants looking to move jobs has fallen steadily in recent years, particularly among the coveted band of mid-level associates. The late arrival of such welcome developments is doubtless the cumulative effect of three years’ heavy investment and quality of life initiatives in union with the hard dose of reality that is the credit crunch. So while the impact of law firms’ efforts to retain staff were largely cancelled out by the pressure of the boom markets, in a tougher commercial environment, a major law firm suddenly seems a rather more attractive employer.
Of course, the £6.4bn question is how much law firms will seek to protect their newly progressive credentials now that there will be some pressure to jettison staff to offset tougher markets. But while there will be a more rigorous eye on assistant performance, one key finding of the report suggests there will be a longer-term view from top City firms than in previous downturns. That is the dramatic improvements made to staff morale at top
This is a big contrast to just a few years ago when such firms would have scored well on prestige and financials and poorly on the soft stuff. Having fought hard to win credibility with the junior ranks, some firms are not set to lightly change track.
