I recently came across an interesting blog that discusses employee engagement statistics. While the blog offers multiple definitions of employee engagement, one thing is certain. Most companies have low employee engagement thus struggling with employee retention. And even though the blog is not specific to the legal industry, I can relate from my experience. I refer to this as Law Firm Partner Engagement.
The following concepts from the blog caught my attention.
- Over 80% of employees want to leave their jobs
- Good company culture increases revenue by 400%
- 37% of employees consider recognition to be the most important issue at work
What does this mean for my clients – successful law firm partners?
One would think that a partner at a law firm with significant business would be treated very well. Many times, the firm thinks they are treating their people well. However, as these statistics say, most organizations are not good at employee engagement. What really matters is the feelings of the partner and the level of partner engagement.
For example, if the law firm does not have a good culture, the ability to generate more revenue gets suppressed for the individual lawyer. A good culture will lead to more collaboration, cross-selling, and the sharing of credit. A lawyer who feels trapped in a bad culture will limit his or her revenue. This means less compensation and more frustration.
Recognition is Key
Likewise, according to the stats, feeling appreciated or being recognized is especially important. How can a law firm show appreciation to a successful partner? I say in many ways. The obvious answer is through more money. However, you may feel unappreciated for other reasons such as:
- No voice in management decisions
- Lack of associate and/or administrative support
- No budget for marketing and business development
- Insufficient support for practice group
- The firm’s inability to attract and retain other top talent
The bad news is that these feelings are quite common across all industries. The good news is that you can find a law firm that satisfies your needs. This is what we do. We find out your needs, desires, and what it will take for you to be an engaged partner. From there, we find the perfect match law firm for you. A place with high law firm partner engagement is where you want to work.
Call us to explore the possibilities.