The legal industry is in the midst of a war for talent. Partner mobility continues at a high rate, at all levels of the market. Associate recruiting has never been so competitive, with generous signing bonuses becoming the norm for experienced corporate associates. On the flip side, between partner retirements, lawyers moving to other firms or in-house, or lawyers leaving the profession altogether, retention of talent is a continuing challenge for many firms. A recent Peer Monitor report showed that turnover over the last 12 months, through the 3rd quarter of 2021, was 13.8%. Despite dramatically increasing associate compensation, healthy growth in partner profits, and a strong focus on recruiting and retention, many firms are at best treading water in terms of size, and at worst shrinking.
This month we interview Betty Temple, the Chair and CEO of Womble Bond Dickinson US, a roughly 1,000 lawyer firm formed through a 2017 combination of US-based Womble Carlyle and UK-based Bond Dickinson. In this interview, Betty discusses the strategic drivers behind transatlantic growth, lessons learned, and key takeaways for firms considering international growth opportunities.
This month we interview Stephen Zubiago, the new CEO and Managing Partner of Nixon Peabody. He took over as CEO and Managing Partner on February 1 and shares his observations on his first six months in the role. Steve has been with Nixon Peabody since 1999 and has practiced law since 1992.
Over the past several years, we have seen a growing gap between the highest performing firms and the rest of the market. In working with and observing law firms across market segments and jurisdictions, we see clear differences in how firms respond to market changes. The most agile firms benefit from a strategic advantage based on their ability to respond to change and capitalize on opportunities more effectively. This agility frequently drives superior performance relative to the rest of the market. By contrast, firms lacking agility seem to fall behind, whether through inertia or because their focus is elsewhere.
We often work with law firms as they transition senior leadership positions in the firm. Increasingly, firms facing a leadership transition are taking the opportunity to refine their leadership selection process, review the leadership roles and governance structure, and, importantly, clarify the characteristics and capabilities required for leadership roles.
