How Motivation Affects Longevity in a Law Firm
[00:00:00] Could you please comment on transaction boutiques that target middle market transactions? Specifically, what could be the major reason associates leave, and sometimes for big firms, since they seem to promise a more sustainable, achievable billable target?
Transaction boutiques. Most attorneys are wired to try to work on the largest employers they possibly can, and pay the most, so people are motivated by money, prestige and so forth. That's how most people think. I don't think that's necessarily the right way, but that's how most people think. They'll often leave for bigger firms but other people are motivated by lifestyle. So, if people are motivated by lifestyle, meaning, 1900 hours and so forth. That may appeal to them more. On style or in a remote. These are just different ways that people are motivated.
But, I think transaction of what takes a target middle market transactions can be great. Especially, if the work is stable and they have a very good niche, then that can be a great place to work. I don't think there's anything [00:01:00] wrong with that.
When people leave, typically, they're drawn by more money or more prestige or different working conditions and so forth. That's fine. If someone's more interested in something different like that, but that's typically the way people think.
Smaller firms have a difficult time holding onto people and in middle market firms too. If you're with a transactional boutique that targets middle market transactions right now because there's no much demand for people that are doing that type of work at the moment, then large law firms can often get those people.
And, certain people will be motivated by fewer hours. People that are motivated by lifestyle.
In your case, or in the case of this type of firm, people will often want, maybe they want lower hours. So, they want to feel like they're in a more personal environment, that's more like a family, or they want to feel that they want the location.
So those would be the things that you would emphasize in marketing the firm, as opposed to the larger firms, which will say we work in the biggest and best. We're the most powerful, which may not appeal to everyone.