We’re gonna start by throwing some statistics at you: 3.4 million American workers quit their jobs in April, versus the only 1.7 million who were laid off; the unemployment rate is 3.8%, the lowest this country has seen in 18 years; and those who have switched jobs over the course of the past year have earned, on average, a 30% pay increase.
What does this all mean? Well, it’s an employee’s job market—and they know it. Workers, with a new faith inspired by the strength of the U.S. economy, are quitting their jobs at a rapid rate, trusting that newer, bigger, better opportunities will arise. And arise those opportunities do…
What does this all mean for your boutique law firm? Two things: (1.) the workforce is flooded with highly experienced, highly talented and highly unemployed talent—and that talent is up for grabs (hint hint) and (2.) keeping your own highly experienced and highly talented lawyers, paralegals and support staff highly employed is going to require a bit more of your attention and focus.
Finding, Recruiting & Hiring Quitters: The Smart Hire Solution™ Process
Our Smart Hire Solution™ is literally the perfect strategy for capitalizing on new HR opportunities as they arise. With our Smart Hire Solution, you can focus your time on revenue, opportunity and lead generating activities while we do the dirty work of finding amazing talent, recruiting them, and getting the ball rolling on the interviewing and hiring processes. Then, if all goes well, we’ll even help with onboarding your new hire, ensuring that they mesh with your corporate culture and are given the tools they need to be effective leaders with a direct—and positive—impact on your bottom line. We use an advanced database that alerts us when lawyers, paralegals and legal support staff leave their jobs, so we can act quickly and begin the recruiting process before other talent-hungry law firms even have a chance.
With top legal talent becoming available at a faster rate than ever, your law firm needs to capitalize. If your firm doesn’t take advantage, your competitors will. Don’t let that happen.
Keeping Your Law Firm’s Talent Happily In Place
You may be wondering how, as a boutique law firm, you can compete with a major firm if they come sniffing around your top talent. Maybe you can’t pay the same salary as a nationally-recognized firm can pay. But that’s okay. We actually wrote extensively about some creative ways in which small law firms can attract and retain top talent in this article, ‘How to Compete with Major Firms When It Comes to Attracting Top Talent for Your Boutique Law Firm.’
Today’s employee isn’t just looking for that massive salary anymore. Sometimes feeling a personal connection to a firm’s mission, having the flexibility to work from home, or being able to take a few extra days of vacation is more attractive than the cash being thrown at them by big law. If you’re offering value-added benefits like this to your team of lawyers and paralegals, then you’re on the right track.
Another great way to keep your lawyers happy and engaged is by offering continuous training and development. Many of our clients take advantage of our Team Empowerment Academy, which is a virtual training program that offers weekly master classes and over 200 other tools and techniques to further develop your team. You’ll keep your people engaged, and they’ll learn new skills that will help grow your business. A total win-win.
The bottom line is that the job market is changing, and now is the time to act. If you can scoop up the top talent that is becoming available while keeping your current team happily engaged, your law firms stands to succeed exponentially in this ever-strengthening economy.