Why Firms Are Throwing Money At Associate Retention
Law360, Grand Rapids (September 19, 2017, 1:38 PM EDT) -- Quinn Emanuel’s recent decision to pass out bonuses to high-billing associates who remain loyal to the law firm reflects and exemplifies a changing legal marketplace where mid-level attorneys are increasingly difficult to retain and the goals of young lawyers are in flux.
At the end of August, the elite litigation law firm announced it would set aside 1 percent of its annual profits — an estimated $8 million based on 2016 profitability figures — to create a bonus pool to award second- through sixth-year associates that meet certain billing targets and have demonstrated devotion to the firm by sticking with it for...
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