40% of law firm partners will be retiring in the next decade, leaving behind valuable client relationships and taking with them the knowledge that helps keep their firms afloat. What does this mean for your boutique law firm? A whole pool of prospective clients and plenty of promising talent that will be on the prowl for a new job.
You see, when a major law firm loses a partner, it can be a truly devastating experience. Partners oftentimes manage a higher proportion of a firm’s overall workload, and, thus, are responsible for generating a larger percentage of the firm’s revenue. When a partner retires, law firms undoubtedly feel the financial pain of that loss. Cue the layoffs…and a highly talented pool of candidates in need of a new job.
Furthermore, partners are competitive and are rarely comfortable transitioning their client relationships to younger lawyers. Because law firms don’t incentivize the process of transitioning these relationships, partners hoard their client relationships to improve their own financial security as they come up on retirement. However, when the partner retires, the client oftentimes finds that they have little loyalty to the firm. This is when your law firm can swoop in and rescue them from lawyerlessness.
But are you properly staffed to start swooping? Do you have rockstar paralegals, associates and support staff in place, not to just manage new clients as they hire you, but who are capable of tapping into their own networks to help your firm generate new business? How do you even find those rockstars? How do you recruit them once you find them? And ensure they fit in with your team? And are empowered to step up and lead in a meaningful way, that drives measurable results.
Okay, that all sounds super stressful. But with our Smart Hire Solution Process, it’s actually not. At all. Legal industry staffing is what we do, and we do it really well. As all of this rockstar talent becomes available, our platforms and database notify us right away, enabling us to swoop in before your competitors even have a chance. We find, recruit, integrate and even train your new hires, ensuring that they truly becomes assets to your team, contributing to the success of your law firm from both a financial and operational standpoint.
Partners are retiring. Is your boutique law firm capitalizing? Schedule a free consultation with our team of highly experienced legal staffing consultants and learn how we can help your law firm take full advantage of these and other opportunities, as soon as they arise. Just complete the brief form below and we’ll follow up with you!