Future law firm leaders share ambitious plans to transform the profession
Diligent, hardworking, ambitious, creative – young lawyers making their mark in the profession have long demonstrated these common characteristics.
March 25, 2014 at 09:03 AM
4 minute read
Eversheds' recent survey reveals young lawyers have clear ideas about what they want from their careers and how to improve the legal sector
Diligent, hardworking, ambitious, creative – young lawyers making their mark in the profession have long demonstrated these common characteristics. However, with unprecedented changes seen at law firms over the past five years, a new breed of young lawyer is pushing hard to reform the sector.
Eversheds recently surveyed 1,800 lawyers aged between 23 and 40 from around the world to take a snapshot of the profession's future leaders – producing our '21st Century Law Firm: Inheriting a New World' study – and found an ambitious group determined to drive innovation in the sector.
What came through strongly was that many young lawyers would like the law to be more like a commercial business than a profession. Furthermore, they believe embracing technology is key to transforming what many consider to be outdated working practices.
This generation sees the world as a smaller place with a far greater sense of connectedness. It therefore follows that lawyers at the beginning of their career feel that the ability to work internationally is important. Indeed, two thirds (62%) of respondents to our research view being exposed to global work as an essential factor in their choice of employer.
Looking at business models, there is a sense that young lawyers believe that partnerships are out of step with the 21st century, though the cachet of partnership still endures for the majority, with 68% aspiring to become partner. We saw a significant gender variation in this respect, with far more men (77%) stating they want to reach partner level than women (57%).
Despite significant strides being made in recruitment practices and employment policies, perceived gender inequalities in pay and opportunities remain a problem for younger lawyers. Women are rewarded better in the early stages of their careers, but the situation reverses three years post-qualification when men start to earn more, with the gap widening to a 25% difference as they progress through their careers.
We also found that more than half of the younger age group (26-30 year olds) were unlikely to see themselves working at a law firm in 10 years' time. This compares with just over a third of overall respondents believing they would see out their career in the law.
Work-life balance has been a recurring theme for new industry recruits and we have seen the profession undertake positive steps to try and match employee expectations with the day-to-day working reality of the legal sector. Rightly so, given that 38% of our sample indicate flexible working is crucial to their future career.
In addition, more than a quarter say they would like to have better facilities to improve their working environment. It may be a well-worn concept but we know flexibility matters – after the age of 28, it is the primary reason why lawyers say they would move firms.
It seems there is still much for the legal profession to address in the eyes of its youngest talent. That said, we have much to be proud of. The global legal industry is working with a driven, ambitious and, thankfully, mostly satisfied group of young professionals with strong ideas on how they want to shape both their careers and the way their firms do business. Where concerns exist, it is clear they need to be heard and dealt with if we are to continue to attract, build relationships with and retain the brightest talent.
Lee Ranson is managing partner of Eversheds.
- Download the full report at Legal Week Law: The views of the new generation – what shape will the 21st century law firm take?
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