Talent, Technology, and Business Structures Driving Change

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Published in Law.com and The Mid-Market Report

By Ioana Good

There’s no surprise that a significant shift is happening in law firms across the board, and now is the time to implement growth plans to move forward and achieve future goals. As COVID requirements continue to ease and guidance around in-person contact looks more positive, law firms will once again be confronted with a talent shortage, forcing them to find creative solutions like architecting permanent remote environments to attract the best talent. The legal industry will also continue to see a rise in cybersecurity threats and a need for bolstered data protection as the hybrid environment comes to the forefront. Alternative business structures will rise as more states allow non-lawyers to own and operate law firms.

The Association of Legal Administrators (ALA) recently published a White Paper titled “Remote Working as an Effective Recruitment and Retention Tool for Law Firms Post-Covid 19,” which focuses on five buckets: financial management, operations management, human resources management, legal industry business management, and communication and organizational management. The organization lists the benefits and disadvantages of some initiatives to help law firms weigh their options as they build new programs and structures.

April Campbell, the Executive Director of ALA, pointed to some trends and predictions.

Battle of Talent:

According to a Special Counsel’s Salary Guide survey, to retain top talent, firms need to understand what legal candidates want in a new position. The number one wish for women and millennials is work-life balance. The number one wish for men is to join a firm that aligns with their cultural fit and values. The number one ask from the Gen Z demographic is a diverse and inclusive work environment.

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