Keeping two partners can add millions. Yet few firms have established lawyer retention goals. They leave to follow a spouse to another city, be a stay at home parent, start a different practice that doesn t fit within the firm s goals or retire early. These lifestyle decisions, firm leaders point out, are not the firm s fault. We all know now, if we didn t know before the wage wars this last year, that firms can t keep GenXers on board and productive by just giving them money.
Firms actually have to do something to make the firm a place where associates want to practice.
This negative publicity affects the firm in measurable ways, whether or not the firm acknowledges and addresses the issues. When the firm s lawyers are already complaining about working long, hard hours, then having too much work and too few lawyers to do it is a lost opportunity. Although productive partners may have the ability to solve these problems, they just don t have the time or the inclination to babysit with lawyers who should, after all, be able to mind themselves. Partners are looking for a new challenge, work that interests them, and profitability. Thus, to keep lawyers employed and productive, lawyers should be given training in designing and building a successful law career, setting appropriate goals and learning how to design a satisfying practice that will result in an increase in productivity and length of service.