What is the most expensive and surprising problem facing law firms today? It is not malpractice, client retention or salaries—it is in fact associate attrition.
According to a report from Overflow Legal Network, most law firms see a year-over-year annual attrition rate of 17 percent, including all levels and tenure at the firm. Even more pronounced, almost 46 percent of associates leave their firm within the first three years, and a staggering 81 percent leave within the first five years. This directly impacts the overall profitability of the firm. At a 400-person law firm, associate attrition can result in losses of over $25 million annually, not including the knowledge and client relationships that leave with each associate.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]