News: Performance Management
UK law firms face talent retention battle
19 May 2008
New research has found that more than a third of UK law firms do not have a formal talent management strategy in place.
According to a survey by Deloitte, 90 per cent of law companies feel they have challenges facing them when it comes to filling junior and senior associate roles, and more than 30 per cent are doing little to address them.
Those companies that do have a scheme in place tend to focus on leadership development and training in mentoring and coaching.
One area that needs addressing, the report claims, is law firms' ability to identify internal talent and the company advised that businesses appoint a specific individual responsible for talent management.
Bill Cohen, partner and remuneration specialist at Deloitte, said that outside influences are making it hard for law companies to retain and attract talented individuals.
"Law firms are facing an increasingly challenging environment in recruiting, motivating and retaining high-calibre staff. The lure of positions in investment banks, US firms and in-house roles leave many UK law firms with a tough task to attract and retain quality people," he said.
Deloitte provides audit, tax and financial advisory services to public and private sector companies.
