Wake Up, Partners! Not Making Associate Life Worthwhile Is Costing You A Lot More Than You Think
Maybe there are other ways to convince associates to remain loyal, aside from cash?
This should be a wake-up call to partners everywhere: the cost of not enhancing the value proposition for associates can now be quantified as the multiyear decline in PPP resulting from this latest transfer of monies from partner profits to fixed associate comp.
— Law firm strategist Hugh Simons, commenting on the fact that there are other ways to attract and retain associates, aside from huge salaries. Perhaps if associates had been offered other perks, they’d be more inclined to remain with their current firms than enter the lateral market.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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