In response to a shortage of attrition, many Biglaw firms face an overcapacity problem. These circumstances have brought layoffs and deferrals into focus as potential solutions. However, some firms are opting for a different approach. Rather than severing ties, these firms aim to maintain their relationships with their associates. To do so, they’ve begun conducting “stay interviews”.
As reported in Above the Law, Biglaw firms like Cozen O’Connor and Lathrop GPM have had success with these interviews. The “stay interview” is a tool for assessing what associates need and subsequently implementing necessary changes to retain them.
In one instance, about 89% of Cozen O’Connor’s associates participated in voluntary interviews. These discussions yielded useful insights into the firm’s associate population. Top factors influencing associates’ decisions to stay included firm culture, work-life balance, and respect for their personal time. Moreover, the interviews also highlighted areas for improvement. For instance, associates found the path to becoming a partner unclear and desired more opportunities for professional development. In response to this feedback, the firm organized sessions on the partnership path and offered individualized coaching on skills such as public speaking and communication.
Through stay interviews, Lathrop GPM discovered that associates need guidance on how to conduct “critical conversations” during remote work. When in-person interaction is limited or nonexistent, traditional non-verbal cues may be missing, thereby altering the nature of the communication.
The American Lawyer reported that Cozen’s use of stay interviews and the subsequent changes led to an increased associate retention rate. Thus, it is clear that such innovative methods have a positive impact on associate satisfaction and retention.
The practice of stay interviews is on the rise, and it will only continue to evolve as firms grapple with retaining talent amid changing working conditions. Should your firm consider implementing stay interviews to retain associates? The positive reviews and results thus far suggest it might be worthwhile to consider.