August 2, 2005
How Mid-Sized Law Firms Compete for Talent
Back on June 27th and again on June 28th of 2005, I posted entries regarding Generation Y. There is a good chance that the characteristics of this new wave of associates and lawyers are the perfect fit for mid-sized firms. It is likely that these firms will now have a competitive advantage for several years when competing against their larger peers for new talent.
An article by Kevin Marro in the July 2005 Canadian Lawyer titled “How Mid-Sized Firms Find Top Talent” never mentions Generation Y, but it is clear from his interviews with successful mid-sized law firms that they are selling exactly what Generation Y is buying.
First, one needs to understand that this next generation is not looking to join losers! Like all those before them, a firm has to be “profitable, have good people who are well-paid and well-appreciated” before the firm even gets on their radar screen. These new associates want to join winners.
When they arrive at their new firm, they expect to arrive as an equal member of the team. Generation Y associates are not, however, willing to live a single dimension life. They are hard workers. They get the job done! They get it done faster working smarter and then they are out the door to participate in recreation, family, civic, volunteer and self-development activities. They feel no guilt about it. They are good, creative and flexible in how they work. And they know it. Mid-sized firms that present themselves as entrepreneurial, that will put the newcomer face to face with clients, provide broad ranging opportunities to develop their skills, etc., can beat larger firms at recruiting—and they are doing it.
Marron’s article is a good read. The Canadian Lawyer Web site is www.canadianlawyermag.com.
It is worth noting that in a recent 2005 survey of Law Firm Managing Partners, the two most pressing issues facing mid-sized firms were “competition for business and competition for talent." That competition was indicated as coming from larger regional firms and from the mega firms. Responses to other questions in the survey would indicate that as a whole, mid-sized firms are doing a pretty good job at combating those threats on both fronts. If you would like a copy of the 2005 survey with responses and commentary, e-mail me at Collins@juris.com.
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Filed under HR by Tom Collins