The US legal sector is grappling with significant challenges, particularly concerning partner retention and business succession planning, with many Am Law 100 firms facing high turnover rates. To address this challenge, firms are investing heavily in training and development, aiming to prioritize professional growth and partner satisfaction through comprehensive onboarding, skill development workshops, mentorship and educational resources. Despite these efforts, partner and associate departures persist due to factors like:

  • A growing demand for work-life balance: Long hours and high-pressure environments strain the work-life balance, leading to burnout and attrition.
  • Lack of growth opportunities: Limited career advancement and professional development avenues deter talented individuals from staying long term. Without clear pathways for career advancement and leadership development, this lack will inevitably lead to partner dissatisfaction and turnover.
  • Inadequate benefits and insufficient retirement assets: Am Law 100 firms struggle with tailoring cost-effective retirement solutions that cater to diverse employee needs while ensuring financial stability. Despite competitive salaries, many struggle to retain talent due to shortcomings in partner benefits programs.
  • Poor succession planning: Firms set up long ago still follow the same dated policies. These policies may have been ideal when they were established, but they may not satisfy the younger generation's needs. So, when older partners retire, younger partners do not feel equally motivated to step into senior partner roles.

Am Law 100 firms must find solutions to these issues and understand their driving factors, consequences, and implications for business succession planning. Read the report and connect with your Gallagher consultant to strategize.

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