The ability to attract, develop and retain staff is the single biggest factor in determining a firm's competitive success. New employees can be an energizing solution to a sluggish or stagnant law firm. A new employee's enthusiasm and positive attitude have a way of empowering everyone. Fresh ideas and needed skills are exciting additions.
Constant turnover has a different result.
Unchecked, it can slowly drain a firm of its financial resources and ultimately harm the firm's credibility and reputation with clients, staff and the legal community. Your challenge is to determine what amount of turnover is necessary and acceptable before the firm's performance, productivity and profit is compromised. Five signs that turnover is having a negative effect on the firm Your firm is spending more on recruitment costs than on retention, but you are not increasing the total number of staff. Productivity has decreased not only on the vacant desk, but throughout the firm. Firm credibility has diminished with staff, clients and the legal community.