This is the No. 1 reason associates stay at their law firms, new study says

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That is the No. 1 purpose associates keep at their regulation companies, new research says

By Debra Cassens Weiss

February 8, 2024, 9:03 am CST

Compensation is the highest purpose associates keep at their regulation companies, in accordance with a brand new research by the NALP Basis.

The inaugural “Keep Examine” requested 3,374 associates from 57 regulation companies in Canada and america to rank and fee 15 components that affect their choice to remain of their jobs. The inspiration revealed the ends in a Feb. 6 press launch.

Fiona Trevelyan Hornblower, president and CEO of the NALP Basis, advised Legislation.com that associates revealed in narrative responses that the significance of compensation was associated to sacrifices that they made to attain billable hours necessities.

“They’re not chasing the almighty greenback, they’re saying we wish recognition for the work and the toll that it takes on our lives,” Hornblower advised Legislation.com.

Surveyed associates reported excessive ranges of engagement and a constructive expertise at their companies.

Seventy-two % of the associates reported that they have been extremely or considerably engaged. Ranges have been larger for associates working within the workplace.

Eighty-one % of the associates stated they’d a constructive expertise, with totally distant employees reporting the very best constructive expertise.

“What comes throughout loud and clear from the information is that it is a very engaged set of associates, opposite to how they’re typically represented,” Hornblower advised Legislation.com.

The highest 5 keep components are:

1. Compensation. Associates rated salaries larger in significance than bonuses, the 2 subfactors on this class. Compensation acquired excessive scores from associates throughout all agency sizes and irrespective of their seniority stage.

2. Work-life steadiness. Ladies rated this issue larger in significance than males. Subfactors have been agency help for work-life steadiness, versatile work preparations, follow group and group help for work-life steadiness, and distant work preparations.

3. Profession path. Two subfactors—alternatives for development/partnership and readability about necessities—have been rated as extra necessary than the subfactors of other profession paths and alumni program/outplacement help.

4. Hybrid work insurance policies. In narrative feedback, associates made clear that they don’t want their companies to backtrack on distant and versatile work choices.

5. Agency insurance policies. Associates rated the subfactors of billable-hour and go away insurance policies larger in significance than nonbillable and professional bono credit score.

The report is titled Ought to I Keep or Ought to I Go? Key Elements Driving Legislation Agency Affiliate Retention. It’s accessible for buy on-line.

The NALP Basis was created in 1996 by the Nationwide Affiliation for Legislation Placement.