Why High Performing Law Firms Lose Talent
Top law firms used to be immune to talent loss. Lawyers were beating down the doors to get in, and they didn't leave willingly. But that's changed. Bloomberg Law's interview with Kent Zimmermann, a partner in the law firm consultant firm, Zeughauser Group in Chicago, addresses why top Wall Street firms have recently been losing talent.
As corporate legal departments look for better value for their legal spend, more money has gone to "great value" firms -- which were in some cases built from Wall Street refugees. And those firms (still Am Law 100 law firms) can offer lawyers more flexible, and often better, compensation packages than the big firms using lockstep compensation. Top legal talent feeling trapped and under-compensated in a lockstep firm might switch to firms that can offer triple the compensation.
Lesson here for lawyers with outstanding resumes and outstanding credentials: look around. You might be able to negotiate better salary and compensation without sacrificing your legal career development.