Law firms are paying more for talent than ever before. But like other industries that’ve been hit by a so-called “Great Resignation,” they’re also hemorrhaging it like never before, and the result is a diminished return on investment that could reach a “boiling point” in the near future, according to the latest Thomson Reuters Peer Monitor Index report.
Direct expenses grew by 7.2% during the third quarter of 2021, driven mainly by increases in associate compensation relative to Q3 last year. But the report, which aggregates multiple factors to produce a score of law firm profitability, also clocked law firm turnover at 13.8% over the last 12 months.
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