Major law firms, frequently referred to as ‘Big Law’, face a retention crisis, with one in four associates planning to depart within the year, according to a survey by Major, Lindsey & Africa, a specialist legal recruitment agency. This wave of departures could potentially disrupt the legal landscape, challenging the corporate law sector’s stability.
In a survey of approximately 300 Big Law associates, one in four respondents revealed plans to leave their current firms within the year, while three out of five associates believed their firms weren’t actively attempting to retain them. Kate Reder Sheikh, associate recruiter for MLA and report co-author, remarks that firms should be alert to avoid complacency in this matter.
In addition to the exit plans, antitrust lawyers have flagged concerns about collaboration on ESG standards across industries. These collaborations could potentially violate antitrust laws, even for collaborations of an arm’s length nature through industry trade associations. Leslie John, leader of Ballard Spahr’s antitrust and competition group, stated that ESG has introduced a restrictive climate for inter-company communication within industries.
To explore the entire discussion and to better grasp the potential implications of these impending developments on both the legal fraternity as well as the clients they serve, click here to access the original report.