The Foster Group Featured in Law.com on "Work-Life Balance Vs. Competitive Pay: Which Matters More To Young Lawyers?"
/Work-Life Balance Vs. Competitive Pay: Which Matters More To Young Lawyers?
Lawyers are a highly motivated group of professionals. “Driven” might be a better term to describe them. By nature, they are achievement-oriented - something their profession tends to reinforce.
With that in mind, it’s important to note that the legal profession is generally not one for those seeking a healthy work-life balance. Lawyers, especially those who have experience with big law firms, know that 60-hour work weeks are not unusual. What is unusual are vacations that are not either interrupted or completely derailed by work responsibilities.
However, there has been a shift in the expectations lawyers have when it comes to work-life balance. The advent of this shift can be found in the COVID-19 pandemic, which led to lawyers having the traditionally unheard-of opportunity to work remotely.
As Covid restrictions were removed, lawyers resisted the call to return to the office, though studies show that it was younger lawyers, in particular, who wanted the door to stay open for remote work. In fact, an American Bar Association (ABA) survey in late 2022 showed that 44 percent of young lawyers would leave their current job for a position that offered more of an opportunity to work remotely.
For firms seeking to recruit top talent among young lawyers, this is the new reality of work. The good news is that the opportunity to work a hybrid schedule, in most cases, has not become a must-have, though it is an option currently being explored more than ever before. Firms that want to attract and retain top talent should be ready to address the issue and, when not offering hybrid work, have a meaningful alternative.
Compensation remains a top recruiting factor
Compensation is undoubtedly one of the main factors that draw people to the legal field. For many, the significant financial compensation that legal work offers represents a way for lawyers to improve their family’s lifestyles in the long run.
Student loan debt is another contributing factor that keeps compensation relevant. Recent stats from the ABA put the average amount of student loan debt carried by a new law school graduate at $165,000.
Because compensation remains relevant, firms can leverage it to respond to inquiries about remote and hybrid opportunities. For example, some firms that offer a hybrid schedule are giving bonuses to lawyers who choose to be onsite full-time.
Adjusting billable hours tracks can be an advantage
Another factor that firms are leveraging to attract those seeking more work-life balance is the requirements related to billable hours. The minimum in that area has typically been between 2,000 and 2,100 billable hours annually, but lawyers know that advancing in their careers requires more than meeting the minimum. In many cases, a successful lawyer with a growing career will reach 2,400 billable hours or more.
To attract those seeking a less rigorous schedule, firms are considering alternative tracks that involve a lower requirement, which can range from 1,600 hours to as low as 1,000 hours. Being flexible in this area is very appealing to lawyers seeking more control over their schedules.
Orchestrating meaningful connections is attractive
For younger lawyers, opportunities for professional development are definitely attractive. To facilitate this, some firms are organizing and promoting programs that provide regular training and mentorship opportunities on certain days of the week. This not only helps with recruiting and development, but also make it easier to get lawyers to commit to in-office hours.
A related initiative involves ensuring that all members of a practice group will be in the office on the same day. This helps lawyers feel their time in the office is well-spent, providing them with valuable face time with their team.
Lawyers want to know how long it will last
One question most lawyers seeking moves ask is how long hybrid work opportunities will continue to be possible. Recent activity suggests that less remote work and not more will be the norm for the legal industry moving forward. Several firms recently revealed they are now requiring lawyers to work in person Monday through Thursday - a shift from the previous policy of Tuesday through Thursday.
While this indicates a shift toward less flexibility, it doesn’t completely close the door to hybrid work. Skadden, for instance, said it believes its “modified hybrid work model” could drive “innovation and professional development.” If that proves true for the industry at large, hybrid work could remain a permanent fixture in the legal field. From our vantage point, this is a positive development because - while compensation will always be an important factor driving hiring - having flexibility and work-life balance is equally important for a growing segment of the attorney population.