The lateral hiring boom of 2021 and 2022 was a golden era for associates: six-figure bonuses, practice switches, and opportunities to be fully remote. As the economy has stabilized, the lateral market has recalibrated as well--but many associates carry misconceptions that the hiring practices of a couple years ago are now the new normal. VOY Director Regina Rousseau explains why it's important for candidates to really listen to the market and how associates can readjust their expectations for making a lateral move.
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The lateral market has recalibrated, and we at VOY are listening. Are you? Check out my recent article explaining how you can readjust your expectations. #GoWithRousseau
The lateral hiring boom of 2021 and 2022 was a golden era for associates: six-figure bonuses, practice switches, and opportunities to be fully remote. As the economy has stabilized, the lateral market has recalibrated as well--but many associates carry misconceptions that the hiring practices of a couple years ago are now the new normal. VOY Director Regina Rousseau explains why it's important for candidates to really listen to the market and how associates can readjust their expectations for making a lateral move.
When the Lateral Market Speaks, it’s Important for Lawyers to Listen
http://voylegal.wordpress.com
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Common misconceptions about the legal job market include the belief that the hiring practices from the lateral hiring boom of 2021 and 2022, such as six-figure bonuses and fully remote opportunities, are still the norm. However, the market has recalibrated, and it's important for candidates to adjust their expectations and listen to the current market trends.
The lateral hiring boom of 2021 and 2022 was a golden era for associates: six-figure bonuses, practice switches, and opportunities to be fully remote. As the economy has stabilized, the lateral market has recalibrated as well--but many associates carry misconceptions that the hiring practices of a couple years ago are now the new normal. VOY Director Regina Rousseau explains why it's important for candidates to really listen to the market and how associates can readjust their expectations for making a lateral move.
When the Lateral Market Speaks, it’s Important for Lawyers to Listen
http://voylegal.wordpress.com
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To all my former law students out there working the #lawfirm life, do you feel valued by your firm? What #support and #mentorship are you lacking? Lemme know in the comments!
Improving the Practice of Law, One Lawyer at a Time. Award Winning CEO | Managing Partner Coach | Lawyer Whisperer | Published Author | Dot-Connector | Presenter | Law Firm Growth Strategist | Passionate Horsewoman🐎
Every firm in the US is looking for the exact same candidate. Whether your firm has 2 lawyers or 2,000, the need is the same: An associate with between 2-8 years of experience. It's super hard to FIND the best people (just ask any managing partner or recruiter), and it's even harder to KEEP them. With the demand so robust, it's not enough to have cool offices, a decent remote work policy, or flexibility. The country's top young legal talent wants more. They want INVESTMENT. They want support, guidance, mentorship, and recognition. They want an explicit career path and a firm that genuinely cares about them as people. These desires are all do-able, but they don't just happen. To ATTRACT the brightest and the best, your firm must articulate a clear and compelling value proposition for associates. And to KEEP them, it's a matter of actually delivering what you promise. #law #lawyers #lawfirms #employeeretention #hr #management #millennials
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We will be looking more carefully at the ongoing war for talent (which is really a battle for growth) in our upcoming analysis of the commercial underpinnings of the legal sector. The legal sector is a veritable smorgasbord of opportunities - for law firms, but also for VCs, PEs, digital start-ups and those looking to disrupt a $750bn sector. We would add to this list, an increasing number of in-house teams that can now see a path to monetising some of what they have done internally, thereby becoming an accretive part of their respective businesses, no longer seen only as a "cost of doing business". As law firms battle it out over the same pool of high-value talent, what are the others doing and what can we expect to see? #excitingtimes #leadership #strategicleadership #legalsectoropportunities
In a recent harvard business review article (When New Hires Get Paid More, Top Performers Resign First) Andrea Derler, Peter Bamberger, Manda Winlaw, and Cuthbert Chow reported that offering higher salaries to new hires than to existing employees can significantly increase turnover rates, particularly among those most valuable to an organisation. In the legal context, this conclusion is especially poignant with Paul Weiss's announced shift to a "black box compensation model", in part to protect its top talent amid the ongoing competition for high-value lateral hires. A strategy of bringing in lateral partners at compensation levels exceeding those of loyal, hard working and long-serving partners poses a delicate balance. While aiming to infuse new talent and capabilities, it's crucial to recognise the potential risks to morale, loyalty, and the retention of key contributors. The scenario underscores the imperative for law firms, to navigate lateral hiring with a nuanced approach. Prioritising transparency, equity, and recognition of existing partner contributions is key to sustaining a harmonious and productive work environment, even as firms ambitiously pursue growth and innovation. Law firms should also remember that in the increasingly heated battle for growth, the rules of the lateral hiring game, are often skewed in favour of the most profitable firms. Throwing money at lateral hires simply to "acquire more revenue", or trying to outcompete solely on the price of acquisition, may have devastating consequences further down the line for those firms which get the balance wrong. "Aggressive lateral hiring", sounds like a logical and simple path to growth. But, very often the really strategic leaders are those who know when to pull back in an overheated market, rather than those who feel the only option is to double-down and pay any asking price. Let's engage in a thoughtful dialogue on managing the delicate dynamics of compensation in a way that fosters both growth and cohesion. #Leadership #TalentManagement #CompensationStrategy #LegalIndustry"
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In a rapidly changing legal landscape, a staffing firm like Robert Half offers immense value to Hiring Managers seeking to build robust, dynamic legal teams. Moreover, we recognize the difficulty of staffing in a bustling legal environment. This is where we come in. Whether you require permanent placements, temporary staff, or need to outsource specific legal tasks, we are equipped to deliver tailored solutions aligning with your unique needs. Choosing Robert Half will not just alleviate your staffing burdens, but also ensure you have a team that is diverse, adaptable, and ready to handle any legal challenge that comes its way. Let's partner together to bring the power of diversity and flexible staffing to your legal team. #StaffingSolutions #LegalRecruitment #WorkplaceDiversity #TemporaryStaffing #Outsourcing #DiversityInclusion
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Hey Siri, is it time to change firms? Not sure? We've got a few questions to help you decide! 1. Challenge: Am I stuck doing the same work with no chance to develop new skills? 2. Pay: Is my current salary behind the market rate for my experience? 3. Partnership: Is there a clear path to partner at my firm? 4. Culture: Does the firm's culture fit my personality and work style? 5. Work-Life Balance: Am I stressed and overworked? 6. Location: Would a new location work better for me now? 7. Prestige: Would a more prestigious firm benefit my career? Overall: Am I happy and fulfilled in my current role at my current firm? Considering a move? EachHire can help you find the perfect fit! We connect talented lawyers with top firms nationwide. #hiring #recruiting
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Let’s Talk About Recruiters Lawyers struggle to attract talent who are both capable and a good fit for a firm’s culture. If only there were consultants who firms could retain, and candidates could work with, who understand the market, the culture in different firms and practice groups, the salaries being paid by firms of all sizes, and the expectations of firms and candidates on a multitude of issues, including work from home, vacation entitlement, bonuses, and billable hour requirements. Wouldn’t that be grand? I spoke to Louise Woollcombe of Sterling Legal Search Incorporated about this stuff, and here is what I learned: 1. There are good and bad recruiters. A good recruiter listens and asks questions. It’s not just about subject matter and years of experience. Firm/company culture and fit are at least as important. A good recruiter has depth of knowledge (gained from years of experience) and can advise on the market. For example, they may let you know that a firm has a poor track record advancing women, and they don’t place people who are concerned with work/life balance at a sweat shop. 2. There are the “volume shops” that charge less, but you get what you pay for. They spend less time working to ensure a great match. They rely heavily on ads, take the shot gun approach, and toss in anyone hoping something will stick. The better shops know more, go deeper, work harder, and do a better job. 3. Recruiters are usually not going to help much with lawyers who have only been at it for one or two years. They are typically paid to find expertise which takes some time to develop. 4. Great recruiters also understand the culture within practice groups. Ask the recruiter about various big names in your practice area. If they don’t know them, move on. I mentioned to Louise that at my friend Martin’s firm, there was one practice group leader who cycled through Associates and that eventually recruiters would not place candidates for them. Louise knew who I was talking about, without me even mentioning the person’s name. 5. Good recruiters understand law firm dynamics and do not always encourage people to leave firms to search for greener pastures. However, there are times when lawyers have to move on. Louise gave me the example of a Senior Associate locked in a supporting role who had to move so that they would not always be “Bob’s junior” instead of a star in their own right. 6. A good recruiter will give HONEST advice. When a lawyer approaches them with an unrealistic view of the market, they are not shy to suggest staying and trying to tweak something in their current situation. It doesn’t line the recruiter’s pocket but hopefully builds goodwill. Smart firms and candidates do not love or hate recruiters. They recognize the value that they can bring and use them judiciously. Oh, and work with a good one! This article was originally published by Law360 Canada, part of LexisNexis Canada Inc. #recruiters #lawyers
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The hiring processes and criteria have evolved, but one concept that has been touted by many as a fair and logical approach is internal equity. #Recruiting #SimplyDriven https://ow.ly/nQon50PVeVY
Why Hiring Based on Internal Equity Is a Joke
https://simplydrivensearch.com
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Attracting talent within a competitive market is, at the best of times, a struggle. Attracting talent that ticks all the boxes of your position criteria is virtually impossible. In a job market where many firms are increasingly upping their financial offers to potential candidates, in an effort to outbid one another, it has become apparent how expensive it is to attract and retain talented professionals. Money however is not enough. What potential recruits are looking for goes beyond just what salary is on the table: https://lnkd.in/gvHXAYvr
How innovation is your biggest drawcard in the war on talent
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