Just published the 2022 Report on the State of the (US) Legal Market from the Center on Ethics and the Legal Profession at Georgetown University Law Center and the Thomson Reuters Institute.
Despite the fact that the recovery in the activity of American firms in 2021 was evident -especially in M&A and Real Estate- this year's report focuses almost exclusively on the great challenge that the "Great Resignation" is posing for the sector legal.
And it is that, the casualties in the year exceeded 100% in the top 23,7 AmLaw firms, dangerously approaching the annual loss of a quarter of the workforce in a year and that despite the fact that salary increases were at an average of fifteen%.
That is why the Report of that year identifies as the great challenges of 2022 (i) how to respond to attacks to attract the talent of lawyers and support professionals (ii) how to retain the remaining talent (iii) how to successfully manage the work model hybrid and (iv) how to be operationally flexible to respond to future changes that may emerge in the market.
I conclude, paradoxically, by transcribing the exordium – always inspiring – that this Report usually includes, since this year it perfectly captures the challenge since it dates back to another pandemic, the one that took place in London after the bubonic plague that occurred between mid-1665 and 1666.
“It is estimated that the bubonic plague that occurred between the middle of 1665 and 1666 killed almost a quarter of the population of London - 100.000 people - in just 18 months. At that time everyone who could leave the city did so and those who stayed were badly quarantined. As can be deduced, the economy collapsed.
In September 1666, when the epidemic seemed to be at an end, London was hit by a second calamity and a four-day fire destroyed practically everything in its path. The “Great Fire of London” destroyed 13.200 houses, 87 parish churches, St. Paul's Cathedral, and all government buildings within the perimeter of the city's old medieval walls. The fire bankrupted merchants and homeowners, making recovery from the pandemic even more difficult.
At a time when London faced the daunting task of rebuilding the city, workers with the necessary skills were in short supply and were in great demand. The population was traumatized and discouraged and it was also feared a great revolt against the monarchy. It was necessary, as an absolute priority, for the community to come together and function again.
In those days, Sir Christopher Wren was commissioned to redesign and rebuild St. Paul's Cathedral, a project that was to employ hundreds of skilled workers and staff. The story goes that when the Project had started, Wren, who was not personally known to many of those workers, stood up and asked three workers who were carrying out the same task what they were doing and received three very different answers. The first said: "I am cutting this stone", the second replied: "I am earning 3 shillings and 6 pence a day" and the third man straightening up and puffing out his chest and without letting go of his hammer and chisel said: "I am helping Sir Christopher Wren to build this great cathedral."
On that short visit, Sir Wren received three very different responses, each responding to very different motivations. For the first worker, it was just a job, for the second, it was a question of money, but for the third, it was the pride of participating in something important, something much bigger than himself.
As the Report underlines, this parable also has lessons for our days. As firms face the challenge of recruiting, training, and retaining their associates and support professionals, it should not be forgotten that job satisfaction stems from many factors other than compensation. As we all know, money alone is not enough to create satisfaction or loyalty.
Full report: https://www.thomsonreuters.com/en-us/posts/legal/state-of-the-legal-market-2022/
Posts on Linkedin:
https://www.linkedin.com/posts/javierfernandezsamaniego_talento-activity-6901504232034230272-BPg5
Javier F. Samaniego, Lawyer
