Is your law firm experiencing high turnover?
The “Turnover Epidemic”
A study by the National Association for Law Placement (NALP) reports high levels of law firm turnover:
- Of attorneys hired straight out of law school, 9% will leave a law firm within their first year after law school
- 50 % will be gone by the end of three years, just as these associates are becoming profitable
- These rates are even higher among women and minorities
The Cost of Turnover
The total cost of losing a single employee range from
- 30% to 150% of the yearly salary of the position for hourly employees (estimates from Cornell University, the Saratoga Institute, and independently by Hewitt Associates)
- Factoring in mentoring time and the cost of training and development, the loss of one junior lawyer can be as high as 3 times their annual salary
- Employee turnover rates erode client service, satisfaction and confidence, increasing client turnover