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Online Extra: Talent Crunch Triggering Alarm Bells for Law Firms
The talent crunch has triggered alarm bells about law firms' long-term viability, as epic workloads and existential upheaval continue to rain on a generation that's less interested in the traditional benefits of Big Law life.
Despite salary increases, creative bonuses and more flexibility than ever, industry observers say firms still aren't finding enough, investing in enough or folding in enough young attorneys to office leadership, causing concern they'll burn out or find greener pastures in other industries.
Randy Kiser, a scholar of the legal profession and analyst for DecisionSet, said two of the major challenges to law firms right now are "if we don't bring in more young people into law firm leadership and the leadership starts to stagnate," as well as an inability to recruit or retain enough attorneys to do the work.
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