Human capital is something that law firms too often overlook. Management and leadership are so busy calculating success in terms of profit and loss and, especially, profits per partner that the cost of losing human capital, aka talent, is a much bigger concern. Bigger because it is the talented young lawyers who will lead the firm into a successful future, and succession plans are REALLY important.
Read more about why law firms need to focus more on damage control and stopping the talent bleed in my October column for the ABA Journal. Here’s the link: https://www.abajournal.com/columns/article/law-firms-must-do-more-effective-damage-control-to-survive.
And here’s a teaser:
The law industry is broken: with its lack of retention and advancement of women and minority lawyers; in its failure to provide mentoring and preparation for young lawyers to assume the mantles of responsibility they desire; with outdated views of equitable profit sharing and client-generation credits; in its slow progress to offer alternatives to the billable hours; and in its lagging advancements in technologies that could save clients money and relieve stress on practitioners.
And there is much much more where that came from! Enjoy the read.