X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In 1910 Henry Ford had a dilemma. He wanted his staff let’s do more mundane tasks, but he knew it would make their lives dull and they would likely look for work elsewhere. His solution was to pay them above market rate. Does this sound familiar?

Today, the legal market has a nasty new disconnect brewing. It looks like this. On the law firm side, the loosening of COVID restrictions has led to increased demand. This should be good, except that it’s happening at precisely the moment when attorneys are discovering the joys of remote working. This led to a well-publicized talent war, particularly at associate level. The first response of big law was to increase compensation. It is a familiar message. We need you to give up your lifestyle, commute into the office and produce long chargeable days, but we’ll compensate you. But what happens when law firms increase pay? Obviously profits per partner will fall. This isn’t an option for big law, not least because PPP is a big factor for partner recruitment. That leaves just one solution, rate rises. This is what happens if your business perspective is to look downwards and inwards.

This premium content is locked for
Lean Adviser Legal subscribers only.

  • Subscribe now to receive:

  • 100+ Think Lean Daily Messages
  • 100+ Lean Lessons
  • 27 Lean Routine Checklists
  • 15 Lean Adviser Videos
  • Conference Calls for Q&A with Lean Adviser Editors including
    what’s coming next from Lean Adviser
  • Quarterly Training Sessions

Already have an account?
Interested in customizing your subscription with Law.com access?
Contact our Sales Professionals at 1-855-808-4530 or send an email
to [email protected] to learn more.

 

Read These Next

Copyright © 2024 ALM Global, LLC. All Rights Reserved.