New research
Only a quarter of associates are aspiring to make partner at their current firm within the next five years, new research has shown.
This number drops down to only 3% for associates aspiring to make partner at another firm, a study of over 500 associates and senior leaders by LexisNexis reads.
The report, entitled Disloyal lawyers: has the partnership model lost its lustre?, also took the views of senior leaders, half of whom (49%) said that they have noticed a decline in the number of associates looking to move onto the next rung. For large firms, this figure rises to 63%.
Seven in ten of these leaders (71%) think the shift is being driven by a desire for a better work life balance.
However most associates, the report continues, are content with where they are. Over half (56%) said they have no plans to move firm in the next five years, with only 12% looking to move away from private practice.
The key factors tempting associates away to greener pastures are the possibilities for a better work-life balance (71%) and bigger salaries (69%).
The data also revealed that bringing in and retaining lawyers is one of the greatest challenges facing law firms, with 69% of large law firm leaders citing this as their biggest issue.
Commenting on the research, Stuart Greenhill, Senior Director of Segment Strategy at LexisNexis said:
“The current generation of workers are disruptors, not conformers. If they see something they don’t like, they’ll push back. To meet growth goals and retain a feasible talent pipeline, law firms will need to find a middle-ground. They cannot rely on what has worked well in the past, especially with the AI revolution well on its way.”
Deborah Finkler, managing partner at Slaughter and May, added: “Becoming a partner at a law firm requires a huge amount of work and commitment, and always has. This generation of associates are just more realistic about the likelihood of becoming a partner at their firm, and do not feel they need to pretend that staying and becoming a partner is their only option.”