If you’re still settling for the best available hires instead of taking the time to really find the best people to join your law firm team, you’re doing yourself and your business a huge disservice.
Face it: We live in the age of the Great Attrition.
In the past few years, a record number of employees have quit or planned to quit their jobs, and that number continues to increase. In the U.S. alone, voluntary attrition increased by almost 800,000 in the past year, while involuntary attrition decreased by almost 400,000 during the same period according to the Bureau of Labor Statistics.
But that’s not all: According to a McKinsey survey, nearly a quarter of employers believe they are holding on to more low-performing talent now compared to a year ago. They’re unable to keep the best talent. They’re simply stuck with the most available.
That’s all about to change. There are five proven ways to keep your A-players for the long run and prevent them from leaving for greener pastures.
Top law firm talent is looking for:
- Competitive compensation and benefits
- Growth opportunities
- An intentional work culture
- Regular feedback and recognition
- Open communication
A-players stay for competitive compensation and benefits
Fair compensation can be an effective way to retain talented team members and prevent them from seeking better pay elsewhere. It’s important for law firms everywhere to conduct market research and analyze industry standards across the country to determine a fair compensation range for the various roles in their firm.
By paying their team competitively, law firms like yours can show that they value their contributions and are willing to invest in them.
In addition to fair compensation, it’s important to consider offering benefits such as healthcare, retirement plans, and paid time off. Providing these benefits will make your law firm more attractive to potential team members and help keep top talent. For example:
- Healthcare benefits can help your team stay healthy and productive.
- Retirement plans can provide a sense of financial security for the future.
- Paid time off can also help employees maintain a healthy work-life integration and reduce burnout.
Here at Crisp, we don’t just recommend doing these things because we do them for our team members as well. Here’s a list of what’s available to every new team member who walks through the door:
- A 401(k) with 4% company match
- 5 weeks paid time off, including 7 paid holidays plus the entire week between Christmas Eve & New Year’s Day
- Parental leave: additional weeks of parental leave at 100% salary for new birth and adoptive parents plus Instacart membership
- Annual company bonus program in a profitable, fully bootstrapped company
- On-time direct deposit
- Ergonomic workstations with high end sit/stand electronic desks
- Mother’s room and relaxation room onsite
- Monthly Crisp swag
Law firms must prioritize fair compensation and offer competitive benefits to retain their top-performing employees. Doing so will help create a more engaged and productive workforce, reduce turnover, and ultimately benefit the organization as a whole.
A-players stay for growth opportunities
Training and development programs help team members acquire new skills, improve their performance, and prepare them for new roles and responsibilities within the organization. These programs can include workshops, seminars, online courses, and other learning opportunities that are tailored to the specific needs and growth of team members.
Here at Crisp, we do this in the form of Crisp Continuing Education (CCEs). Whether our team members listen to pre-approved podcasts, read industry books or articles, or receive relevant certifications, they’ll earn CCE credits for leveling up their skills and abilities. We require each team member to complete at least 10 CCEs per quarter. Consider doing something similar for your law firm to encourage continuous learning and foster an environment of perpetual growth.
In addition to training and development, it’s important to introduce career advancement opportunities, such as promotions or lateral moves to exciting new departments or projects. These can also help keep A-players engaged and motivated. By providing clear career paths and opportunities for growth, law firms can show their commitment to supporting the professional development of their team.
Overall, offering growth and development opportunities to A-players is a key strategy for retaining top talent and creating a forward-thinking work environment. By investing in their team members’ skills and career development, law firms can create a culture of continuous learning and improvement, ultimately improving their bottom line and elevating key team members who will stick with them for the long run.
A-players stay for an intentional work culture
Your law firm’s culture is how work gets done.
Your culture can be your organization’s competitive advantage. It can be the reason why people want to work with you, for you, and by your side. Finding smart, capable people is just half of the battle. If they don’t align with your law firm’s culture, they will only bring you down.
And if your culture is simply what you allow — as opposed to what you intentionally shape — A-players will look elsewhere to find a place to work that aligns with their values.
Check out some of these important statistics surrounding culture in the workplace:
- Company culture is an important factor for 46% of job seekers.
- 94% of entrepreneurs and 88% of job seekers say that a healthy culture at work is vital for success.
- 86% of job seekers avoid companies with a bad reputation.
- Millennials prioritize “people and culture fit” above everything else.
To create an effective work culture, law firms should encourage a supportive, inclusive, and collaborative work environment. This involves fostering a workplace where team members feel valued and respected, regardless of their backgrounds, beliefs, or identities. It’s important to provide opportunities for employees to collaborate and work together, which can help build strong relationships and increase engagement.
Recognizing your team’s achievements is an essential element of a positive work culture. Celebrating individual and team successes can increase employee morale, motivation, and engagement, leading to improved retention rates. This can be done through a variety of recognition programs such as team member of the month, bonuses, or other forms of rewards and incentives.
Creating an intentional work culture is an effective way to retain team members and improve their overall engagement in your law firm’s mission and vision. By encouraging a supportive and collaborative work environment that values accountability and recognizing team member achievements, your law firm can foster a culture of positivity, engagement, and most importantly — loyalty.
A-players stay for regular feedback and recognition
Recognizing and rewarding the achievements of A-players is important to show that their contributions are valued and appreciated. This can be done through formal recognition programs or informal gestures such as a verbal thank you, a note of appreciation, or a small token of gratitude.
Providing constructive feedback to A-players is equally important as it helps them improve their performance and develop their skills — something those truly key team members are always seeking. Feedback should be specific, actionable, and timely, focusing on both strengths and areas for improvement. Regular feedback can help your team feel valued, and it can also foster a culture of continuous learning and improvement.
Addressing any concerns or issues A-players may have is also critical to keep them engaged and motivated. Your law firm should create a supportive environment where your team members feel comfortable sharing their concerns and feedback with leadership. By doing this, you’ll help your team be more successful in the long run.
Providing regular feedback and recognition to A-players is vital when it comes to retaining top talent and keeping them engaged and motivated in their work. Recognizing and rewarding their achievements, providing constructive feedback, and addressing concerns or issues can help build a culture of trust and commitment, leading to improved retention rates of success.
A-players stay for open communication
Regular check-ins can help managers stay up-to-date with their team members’ progress and ensure that they are meeting their goals. These check-ins should be conducted in a supportive and collaborative manner, allowing you and your team to share your concerns, feedback, and ideas with each other. Regular check-ins can help build a culture of transparency and accountability, where everyone feels comfortable sharing their thoughts and ideas.
Providing opportunities for feedback is also critical to building a strong relationship with your team. This can be done through regular surveys, focus groups, or suggestion boxes. Collecting feedback from your team can help leaders identify areas for improvement and make changes that can benefit your law firm as a whole. It also demonstrates to team members that their opinions are valued, which can increase engagement and retention.
Promptly addressing any concerns or issues that team members may have is also essential to building trust and demonstrating a commitment to their overall success. Leaders should take the time to listen to their team members’ concerns and work with them to find solutions that work for everyone.
Final Thoughts
In short, retaining your A-players requires a combination of competitive compensation, growth opportunities, intentional work culture, regular feedback and recognition, and open communication.
If you’re ready to get started implementing these strategies in your law firm, join Crisp Coach today. It’s the ultimate unfair advantage for committed law firm owners like you. Learn how to hire the perfect candidates for your open positions every time, invest in and keep the top talent that helps you achieve your goals, and never waste your time or money on personnel problems again.
Ready to keep your top-performing team members engaged and motivated? Let us help you.
