Talent management is arguably the most critical challenge for law firms today. That’s according to the results of a Thomson Reuters Institute report, which identified talent acquisition and retention as the top concerns facing the legal community.
The findings of the report suggest that the COVID-19 pandemic impacted how firms both attract and retain talent. Legal professionals are demanding more flexible working arrangements from their employers to retain their positions. Many of the top paid legal minds increasingly prefer firms that utilize innovative technologies to improve daily work habits.
Salaries aren’t the only talent acquisition tactic for firms
The Thomson Reuters report cites ever-increasing salaries as a prime reason talent acquisition and retention are so competitive in the legal community. Financial pressure placed on firms to retain top legal minds is being felt in all corners of the globe. However, financial compensation isn’t the only incentive for legal talent to accept employment by their chosen firms.
Modern technology has broken down geographic barriers that previously restricted legal professionals from accepting employment outside of their home communities. Technology enables firms to connect with the top legal experts, regardless of location. Practicing legal professionals appreciate the flexibility afforded by firms that utilize this technology.
Attorney burnout impacts talent retention rates
Attracting great talent is half the battle, but retaining your top performers is the other challenge. The Thomson Reuters report cites attorney burnout as one of the driving reasons why firms have higher attrition rates, and the authors of the report recommend implementing solutions that address ongoing issues for legal professionals.
According to the American Bar Association, nearly 60% of all practicing attorneys work over 40 hours per week, and over one in five work more than 50 hours per week. Additionally, 87% of surveyed professionals said their law offices allowed remote or hybrid work. The majority of respondents said remote work did not impact their productivity or the number of billable hours they could charge to clients.
What’s the takeaway here? The data from the ABA study demonstrates that legal professionals are willing and able to put in the hours. The insights from the Thomson Reuters report suggest there are better ways for legal minds to utilize their talents more effectively. Firms would be wise to implement solutions that improve productivity to avoid the risk of burnout and attrition.
Entity management software helps increase time for billable hours
One way to reduce attorney burnout is to provide the resources that allow legal talent to devote more time towards servicing their clients. By providing the means to reduce time and labour attorneys must devote to minute book management, they receive more time and resources to increase billable hours. This is a great tactic to improve talent retention and help your firm work towards the larger objective of increasing Legal Recurring Revenue.
Entity management software is the best resource to modernize minute book management with more efficient workflows. Instead of sorting through binders upon binders of client minute books, professionals can upload all client records into cloud-based platforms.
Once the records are in the platform, they’re automatically organized into documents that resemble standard PDF files. This makes reviews and approvals of minute book records far more streamlined and efficient. If clients have questions about a particular document in their records, you can use entity management software’s advanced search capabilities to find the document in question in a matter of seconds.
Using modern entity management solutions, review processes that once took hours or days of clerical work are completed almost instantaneously. Legal professionals can use these solutions to improve their own productivity, reduce manual clerical work, and dedicate more time towards improving client relationships.
Showcase your modern workforce and attract the best talent
When you adapt your minute book management process to more modern workflows, your firm demonstrates a commitment to innovation. Positioning your firm as an innovative leader is very attractive to legal professionals, and an innovative approach to minute book management can improve your firm’s talent acquisition strategy.
Cloud-based entity management software allows legal talent to work with flexible solutions that improve their productivity. Fewer working hours are necessary for minute book management, which allows lawyers to feel more fulfilled and satisfied with how they spend their days.
The platforms are also beneficial to clients, allowing your legal team to respond to client inquiries with speed and proficiency. When clients feel that their attorneys have their best interests at heart, they’re far more likely to retain your firm for future services. Ultimately, modern approaches to minute book management help attract and retain your most talented legal minds, and they’ll support your efforts to boost Legal Recurring Revenue for the firm.