While one third of associates plan to make partner, research conducted by Above the Law found that 63% of junior and mid-level associates plan to stay at their firms three to five years, and about a third of junior associates plan to stay for just two years. Not only can high associate turnover be costly, distracting, and unproductive for law firms, it could ultimately deteriorate client relationships and affect long-term profitability.
Successful firms provide short- and long-term incentives that align with their culture and goals in order to create a professional environment crucial to success. In a tight labor market, competitive wages alone do not guarantee attorneys will stay—your firm’s benefits and related services need to mesh with the entire compensation structure for all levels, from junior associate through full partner.
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