A significant number of associates in top law firms, commonly referred to as Biglaw, may be readying themselves for big changes. According to a new report by Major, Lindsey & Africa, an estimated quarter of Biglaw associates have intentions to leave their firms within the upcoming year.
The report, which surveyed approximately 300 Biglaw associates, revealed that one in four associates are mulling over their exit strategies. More concerningly to law firms, three out of five associates believed their firms were not making any notable attempts to retain them.
These findings were mirrored in a Law.com report, which suggested that the legal industry should prepare for a rise in lateral moves.
Despite a challenging hiring market stunting lateral movement and transiently aiding retention, Biglaw firms should not fall into complacency. The hiring market’s downturn has enabled firms to retain more associates than anticipated, but the slow start to the year has since improved, leading recruiters to believe that associate unrest is more prevalent now.
Beyond this, certain practice areas are currently very active. M&A roles are returning, along with general corporate positions. Although not as abundant, emerging companies and venture capital still have a presence. Legal practices that are particularly thriving include litigation, white-collar crime, labor, and employment.
The good news is, there may be a relatively simple solution to this looming exodus. A remarkable 90 percent of surveyed respondents indicated they were more likely to stay with their current firms if they perceived a conscious, deliberate effort to retain them. As such, the responsibility now rests firmly with the leadership of Biglaw firms to take action.
Overall, it seems that change is afoot with Biglaw associates. However, this potential exodus could be mitigated if firms heed their associates’ calls for recognition and action.