With recruitment, hiring, and retention the key current concerns of law firm managers, CBLO receives regular requests for new data and insights. This year, however, a marked jump in such inquiries prompted our publisher, IOMA, to compile its own statistics on the topic. Although most of the information we received mirrors much of the buzz already out there on the subject, not all firms are behaving as expected. For instance, large law firms aren't the only ones following the trend of offering new associates higher salaries and other perquisites. Smaller firms, too, our data suggest, have upped the ante with compensation and benefits.
More firms rely on benefits and perks to sweeten the pot.
Again, most CBLO subscribers know this is the case. On the contrary, among even the largest law firms that we polled, benefits are certainly more modest. Lateral hiring increased along with first-year acquisitions. When asked to detail which practice areas saw the greatest demand for lateral hires, again as expected, respondents cited intellectual property, real estate, health care, trusts and estates, and commercial litigation.