By Natalie Rodriguez

Law360 (May 5, 2020, 1:38 PM EDT ) A majority of Gen Z law students may be looking to BigLaw careers for financial stability, but fewer than a quarter surveyed by Major Lindsey & Africa for a new report released Tuesday want to become a partner at a law firm.

The report surveyed law students at Top 20 law schools who were born in 1995 or later and offers a snapshot of what the up-and-coming generation of lawyers want from their legal careers and how they view the industry. Among the key findings: 59% of respondents would like to join BigLaw, but only 23% want to become a law firm partner as part of their long-term goals, and 62% said law firm partnership is less desirable than it was a generation ago.

Potential explanations for these seemingly incongruous findings may be found in survey takers' concerns over work-life balance and diversity issues in the industry, according to Nathan Peart, a managing director in Major Lindsey's associate practice group.

Asked to rank top challenges facing the legal industry, 30% of respondents listed long hours or lack of work-life balance and 13% said continuing sexism or sexual harassment concerns.

Among the terms that popped up in answers to a question about issues facing the legal industry were "billable hour, inequality, work-life balance, morale, [and] mental health," Peart said.

Asked to rate the importance of work-life balance in their career, 66% rated it as "very important" and 29% rated it somewhat important, according to the report. No respondent rated it unimportant. Other issues deemed highly important included generous parental leave and flexible facetime or work-from-home policies.

And while a strong majority — 71% of respondents — believe law firms care about diversity and are changing for the better, 62% do not believe law firm social responsibility programs are authentic and valued, according to the report. Further, 67% said there is a sexist culture at law firms and 75% agreed a gender pay gap exists.

Compared to a 2019 survey of millennial lawyers, Gen Z law students are more interested in government or nonprofit work or working in-house as a long-term career goal, according to Major Lindsey.

They are also, however, far less inclined to want to work for themselves or in a small firm. And when it comes to choosing an employer, 31% listed compensation and bonuses as their top factor. Another 32% listed it as their second most important factor.

"The theme I thought was pervasive was looking for financial stability and an opportunity to dig out of debt," said Jackie Bokser LeFebvre, a managing director in Major Lindsey's associate practice group.

Gen Z, identified in the Major Lindsey report as those born between 1995 and 2012, has been largely shaped by coming of age in and after the Great Recession. They have struggled with large amounts of student debt and have seen their parents and siblings lose jobs and struggle with finances, the report noted. They have also seen larger wealth gaps and rising expenses.

In part due to these factors, Gen Z tends to crave financial stability, according to Bokser LeFebvre.

The Major Lindsey team said it hopes to conduct subsequent surveys that will dig deeper into understanding how this new generation of lawyers is different from those before them. The current novel coronavirus pandemic will likely further shape this generation's views and goals.

"We know this is a moment that will impact this generation and we don't know how it will impact this generation," Bokser LeFebvre said.

--Editing by Marygrace Murphy.

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