How Does Associate Attrition Impact the Bottom Line?
Through our experience in the legal world, we know that associate attrition can cause project delays, loss of institutional knowledge, and sometimes create domino effects within a firm.
Do you know how much associate attrition impacts the bottom line at your law firm? Through our experience in the legal world, we know that associate attrition can cause project delays, loss of institutional knowledge, and sometimes create domino effects within a firm.
Through the NALP 2017 Update on Associate Attrition, we now know the actual cost of losing an associate. On average, losing one associate can cost a firm between $200,000 and $500,000.
We also know that diversity efforts are directly impacted by associate attrition. Your firm cannot hit its diversity and inclusion goals when, according to the New York City Bar, women and minorities face around a 50% higher attrition rate than white men.
We created this infographic to help law firm leaders understand the size and scope of the attrition problem.
What can be done to mitigate associate attrition? According to the 2017 NALP report, work quality standards not being met was the number one reason for lateral associates to leave their firms. How can you counter this?
Create opportunities for associates to do more meaningful work by implementing a robust, secure and intuitive system for managing corporate transactions. A secure portal for end-to-end corporate transactions can give your firm deal control, peace of mind, and velocity.