A good article discussing how firms are looking to retain talent as the road to partnerships gets longer.
We are seeing that firms are having to become more inventive to retain their best talent, particularly as the motivations of those people entering law firms can be significantly different to previous generations.
In the past 10 years, the average PQE of a new partner at every one of the four big magic circle firms has risen. Across the four a new partner in 2008 was, on average, 9PQE. In 2017, the average was 10.4PQE. Because lawyers are highly valued at the senior associate stage, and ambitious associates are likely to be thinking about a wider range of career options, firms are being forced to think about how to hold on to them and behind the scenes, questions are being asked. “All firms are having these sorts of discussions, even if they are not talking about it openly,” says a partner at one US firm. “The model needs to be thought about, because it is getting harder for firms to keep hold of the best people.”