The New York Times reports that growth in the legal industry in the last year has been modest, prompting law firms to compete fiercely to attract business and talent. The article states that “Top firms are hiring groups of lawyers to expand specific practice areas, changing pay practices, jettisoning or demoting some partners and staff members, and seeking ways to distinguish their brands to set them apart from competitors.”
Bonuses and incentives at specific milestones are a great way to encourage top talent to join and stay with your firm. Check out this infographic for ways to set your firm apart from the pack by offering incentives that won’t break the bank:
Work-Related Incentives Include Compliance Assistance. Incentives that benefit your organization as a whole include offering continuing legal education to your attorneys (CLE) - especially since their compliance is imperative to your business. Your firm may be able to attract and retain lawyers by paying for their CLE courses, tracking their credits to ensure they’re never at risk of reprimand, and allowing them time during their working hours to complete them.
Access to Student Loan Counseling Matters to Young Lawyers. Another particularly attractive incentive is student loan counseling (because of this). Access to this type of assistance can help your associates understand the different repayment options that might be available to them through different government programs.
Child Care Benefits Help Women and Families. While young people are delaying family for career at record rates, they are still looking to start families. If you want the best and brightest, offering assistance with child care can help reduce some of that work/life stress (especially for the women in your firm).
Shaun is the Director of Content at Lawline. She holds a JD with a certification in Intellectual Property/Entertainment & Sports Law from Seton Hall Law and is admitted to practice in New York and New Jersey. In her free time, she coaches a high school dance team and choreographs the school’s musical. She is also a passionate advocate for animals and strives to cultivate Animal Law programs, among her other endeavors with the company.