Retain More Associates by Taking a New Approach to Training and Development
A recent study confirms what training and development experts and law firm professional development directors have long recognized: that specific initiatives in associate training and professional development are critical in reducing attrition rates of young lawyers. But the traditional law firm approach to training and development is not the solution.
Numerous law firms that works with have studied the “cost of human capital” in terms of associate turnover and determined the “hard and soft” costs to be in excess of $300,000 per lost associate in major markets, where the salary levels are highest. Since most large firms lose more than 15 percent of their associates per year, by this measure, a 400-lawyer firm is losing more than $12 million per year because of associate attrition alone.