Credit: ink drop/Adobe Stock Facing a Shrinking Talent Pool, Insurance Defense Firms Are Fighting to Add Attorneys
"As insurance carriers become more aggressive with auditing and exceptions and cost containment, that is an impediment to our ability to retain talent," said one law firm leader. "It's having an adverse effect on morale."
August 19, 2024 at 06:17 PM
6 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- Amid a surge in demand, insurance defense firms are fighting to boost their head counts while also facing a smaller talent pool.
- Compensation and client stress is resulting in a smaller talent pool of both new attorneys and seasoned laterals.
- Firms are turning to compensation, culture, and other talent investments to help draw in new recruits.
Both brand-new and veteran attorneys are gravitating away from the insurance defense industry, posing a problem for shops currently inundated with work: How do you recruit and retain talent in a hiring era focused on work-life balance, flexible working arrangements, and ever-increasing compensation?
It's a question full-service firms have had to contend with as they try to return to "normal" following the pandemic; but compounding these recruitment difficulties for insurance defense firms is a shrinking talent pool, linked to already thin profit margins and the demands of budget-conscious clients.
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