Meaningful Data In, Fewer Associates Out
Associate attrition can have a damaging effect on a law firm’s bottom line. Yet, despite industry-wide recognition of the problem, the National Association for Law Placement (NALP) recently reported that the rate of associate attrition stands at 37% within the first three years of practice and 77% within the first five. Read into those numbers and you can see that most attrition occurs at the critical mid-level juncture, when an associate begins to contribute more to the firm’s bottom line than they cost to employ. What’s more, the estimated cost of replacing that mid-level associate is $300,000.
So, the $300,000 (and then some) question is: can anything be done about this?
The short answer is yes. But, it takes time and, crucially, it takes data. Read the full article in Law Technology Today.