In 2015 external investors will have much more say in the running of private practice firms, billable hours will be a completely outdated charging system and most associates will be paid on merit rather than on experience or longevity. This scenario could become reality but to what extent?
The Legal Services Act 2007 has resulted in much speculation around the future of the legal profession but, in the absence of Mystic Meg and her crystal ball, what do those who work in practice day in and day out believe the future holds in store for the profession? Badenoch & Clark today embarks on a study to discover what partners and associates in private practice think and how changes will impact upon attraction and retention of employees as well as talent management.
Some of the main changes impacting upon the legal profession over the next five years are:
- alternative business structures,
- lockstep versus merit based pay,
- new regulations as a result of the Legal Services Act,
- alternative fee structures,
- legal process outsourcing,
- skills gaps,
- over-specialisation of associates,
- increase in proportion paralegal staff within practices and
globalisation.
For partners and managers the above issues bring with them a plethora of knock on effects. How will the direction chosen by a given firm in light of an industry development affect its ability to be an employer of choice that is capable of attracting the very best talent? What effect will a change in practice or pay structure have on the firms’ ability to retain the top performing associates?
For solicitors the very same issues are likely bring a completely different set of concerns. To what extent should I have pay structure as one of the main considerations when moving firm? How does my career plan take economic cycles into account and how adaptable is my plan? How will a spell abroad affect my career?
By galvanising the opinions of associates and partners, the findings and discussions about the results will provide truly useful information to both employers and employees alike as they seek to create strategic plans for the future of their practice or their career respectively.
Have your say on the future of the law by taking part in the survey.
One Comment
I believe it’s vital to open the dialogue now, and welcome the opportunity to comment on the changes to the sector. There will be issues to consider on strategic planning, and talent management. We have the “survivor syndrome” at present, with existing resources in firms being stretched, and morale has taken a knock. Let’s start thinking outside the box for ideas and inspiration to assist in bringing new practices into the workplace.