Law.com Trendspotter: In the Law Firm Associate Pay War, the Only Thing That Can't Be Bought Is Loyalty
'Tis the season (one of them anyway) in which law firms are shelling out major money in the hopes of attracting and retaining top associates. But it's becoming clear that no amount of money or even contractual obligations can guarantee a firm's ability to lock in sought-after young talent for any significant length of time.
June 21, 2021 at 11:28 PM
8 minute read
Credit: Zenzen/Shutterstock.com
The Trend:
'Tis the season (one of them anyway) in which law firms are shelling out major money in the hopes of attracting and retaining top associates. This year, an unbelievably hot talent market coming on the heels of unprecedented profit growth for many firms has made competition even fiercer than usual.
But it's becoming clear that no amount of money or even contractual obligations can guarantee a firm's ability to lock in sought-after associates for any significant length of time.
The Driver:
For elite law firms that posted mega profits during this past pandemic year, sitting out the associate pay wars this year wasn't really an option.
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