Lawyers value culture and friendships over cold, hard cash, new report says
Lawyers place more value on culture and friendships with colleagues than they do on cold, hard cash, according to new data from Reuters.
A survey of 900 lawyers found those who planned to stay with their firms were more likely to cite their colleagues, firm’s culture, and the quality of their work as their reasons to stay.
By contrast, only 9 per cent of lawyers polled said money was their biggest draw.
The figures come as law firms have begun offering increasingly eye-watering salaries, in their efforts to attract and retain staff.
The legal sector talent war comes after a boom in M&A activity on the back of the global pandemic led to surging demand for legal services.
The findings mirror comments made by DWF chief executive Sir Nigel Knowles, who in February said the outrageously high salaries being paid out to young lawyers are unsustainable.
“Offering more and more money to young people is only a sticking plaster” for the sector’s recruitment crisis, Knowles said.