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To retain young talent, BigLaw firms must be better at capturing imaginations
No two 21st century legal careers will look the same, and BigLaw firms must adapt to the evolving marketplace if they are to hold onto junior practitioners, argues one professional.
Jerome Doraisamy
If BigLaw firms are to ensure they can retain young talent, they will need to “think both ‘big’ and ‘small’”.
“We are operating in a world characterised by globalistaion; digitisation and rapid disruption of traditional business models. While grappling with these new ways of thinking and working, for us and our clients, we also need to focus intensely on the personal aspirations and relationships that underpin every individual legal career,” she said.
“We also need to think deeply about the idea of what a ‘legal career’ might actually be for those people choosing to join our firms now. One thing is for sure – no two 21st century careers will be the same and most will be very different from the careers of those people leading our firms right now.”
Ms Lyras’ comments come in the wake of exclusive research from Lawyers Weekly and Momentum Intelligence, which found that two in five junior practitioners intend to walk out the door but, simultaneously, that there are ways that firms can retain said lawyers.
When asked how firms can better cater to the younger demographic, Ms Lyras said that the likes of Minters and other top-tiers must “really capture the imaginations of this group” and support them to think creatively about offerings for career growth and positioning.
“What client opportunities are going to engage them at this stage of their careers? What secondments really make sense? Importantly, where is the creative and strategic stretch? These are critical questions leaders need to think about to engage this highly educated group who have a truly global outlook and understand the value of innovation and entrepreneurship more than most of those who have come before them into the large firms,” she espoused.
“The other key element is a sense of individual meaning in the workplace. What is the greater purpose of the work at hand? Of the firm? Of the individual? These are all critical questions for us to be thinking about as we work to ensure our emerging lawyers really have an opportunity to thrive.”
There are challenges, she ceded, in implementing retention strategies that will succeed. As such, firms will need to shift their inclusive leadership capabilities “and reflect a true growth mindset”, she said.
“Our leaders need to be equipped to learn as rapidly and fluidly as our junior lawyers do so that we deliver an environment where this group thrives and is able to contribute. We need to deliver a workplace environment in which agility, empowerment and autonomy are actually embedded in the cultural fabric of the firm,” Ms Lyras posited.
“The key to all of this is trust and that comes back to my point about the quality of individual relationships – this is all about people and how they experience working with each other every day. These workplace features must simply be the consistent experience of our people; no longer aspirational but instead just the way we always do things.”
Undertaking such strategies, she added, is “key” to inclusion in the workplace as they will “underpin innovation, growth and sustainability”.
“Our ambitions as an organisation, and on an individual level, will only be achieved through a shared vision and commitment to build a workplace that supports all members of the firm to contribute, to collaborate and deliver outcomes that reflect the extraordinary potential of the talented people who entrust their careers to large firms,” Ms Lyras concluded.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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