In the dynamic landscape of Biglaw firms, the issue of overcapacity has come to the forefront due to a lack of attrition. With concerns about layoffs and deferrals looming large, the employment outlook for associates within the realm of Biglaw has undergone a significant shift. While the lateral hiring frenzy that characterized 2021 may feel like a distant memory, the focus has now turned to retaining associates rather than facilitating their lateral moves.
To address this challenge, a novel approach known as the “stay interview” has emerged as a strategic tool for Biglaw firms to assess the needs of their associates and implement necessary changes with the aim of retaining valuable talent. Notable firms such as Cozen O’Connor and Lathrop GPM have embraced this method and reported encouraging outcomes. According to insights from The American Lawyer, the concept of the stay interview is gaining traction as a means to fortify the bonds between firms and their associates.
At Cozen O’Connor, a deep dive into the stay interview approach has yielded promising results. Mindy Herczfeld, the Chief Legal Talent Officer at the firm, has engaged with approximately 100 associates thus far, with an impressive 89% voluntary participation rate in the interview process. These candid conversations have provided invaluable insights into the firm’s associate population. Among the salient factors that emerged as reasons for associates to remain within the firm were:
- Its distinct culture.
- A harmonious work-life balance.
- A culture that respects personal time—an aspect that resonated strongly with the associates surveyed.
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However, the stay interviews also illuminated areas ripe for improvement. One notable concern was the perceived lack of clarity surrounding the path to partnership, a sentiment that emerged from the associates’ perspectives. Additionally, young lawyers expressed a desire for enhanced professional development opportunities. Responding proactively to these insights, the firm took concrete steps to address these concerns. Sessions dedicated to elucidating the partnership track were organized, providing associates with a clearer understanding of their potential trajectory within the firm. Furthermore, individualized, one-on-one coaching was offered to nurture essential skills such as public speaking and effective communication—a gesture that associates acknowledged and appreciated during subsequent stay interviews.
The success of this approach showcases the potential of stay interviews as a two-fold solution: they not only serve as a mechanism for associates to voice their aspirations and concerns but also empower firms to proactively adapt and enhance their work environments. By recognizing the value of feedback and taking tangible actions, firms like Cozen O’Connor are fostering an atmosphere of engagement and growth that resonates positively with their legal professionals.
In the ever-evolving realm of Biglaw, where the dynamics of associate retention and firm growth intersect, the emergence of stay interviews marks a significant turning point. As the legal landscape continues to evolve, firms that prioritize open dialogue and strategic adaptation are poised to thrive. Retaining top-tier talent through holistic engagement reflects a forward-thinking approach that may shape the future trajectory of Biglaw employment practices.
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