The best employee benefits for law firms to adopt
In the ever-evolving legal landscape of 2023, attracting and retaining top talent is vital for law firms seeking to stay competitive.
It's no secret that the legal profession can be a demanding industry including long hours (lawyers working for large firms work 66 hours per week), stressful cases and a lack of support has left an increasing number of lawyers and solicitors feeling burned out.
3 in 4 employees aged 25-35 believe their employer is not doing enough for their mental well-being.
With so much time spent on the job, it’s important that companies repay their employees not just with a respectable salary but with perks that recognise their loyalty and hard work. Doing so is also a proven way to improve retention & talent acquisition, with benefits becoming even more favourable than pay increases for the majority of workers.
As new graduates enter the workforce, law firms must recognise the importance of providing comprehensive employee benefits to support their employees' success as well as help them stand out.
How your organisation can attract & retain the best talent
Competitive compensation packages
A competitive compensation package remains the foundation for attracting the best legal talent. As the cost of living rises, law graduates are increasingly seeking firms that offer competitive salaries and performance-based incentives. According to a recent survey by the American Bar Association, 72% of law students rank salary as their top priority when evaluating potential employers.
Professional development opportunities
Investing in continuous learning and professional development programs is a crucial factor in retaining talent. In 2023, law firms must embrace technology and evolving legal trends, and providing opportunities for upskilling and certifications can enhance employee satisfaction and productivity. A survey by Deloitte reveals that 87% of millennials consider professional development and career growth as crucial to their job satisfaction.
Flexible work arrangements
Flexibility is a key component in attracting both young professionals and experienced attorneys. Law firms should adopt flexible work arrangements, including remote work options and flexible hours. In a study conducted by Stanford University, remote work was found to increase productivity by 13%, highlighting the positive impact on employee performance and job satisfaction.
Robust health and wellness programs
Maintaining a healthy work-life balance is essential to support employees in reaching their full potential. By offering comprehensive health and wellness programs, law firms can demonstrate their commitment to the well-being of their workforce. According to the Society for Human Resource Management (SHRM), 61% of employees state that wellness benefits would be a significant factor in choosing an employer.
Financial assistance for student loans
With the burden of student loans affecting many new graduates, law firms can stand out by offering financial assistance to help alleviate this stress. According to the American Bar Association, 79% of law graduates carry an average debt of over $100,000. Loan repayment assistance can be a powerful incentive for attracting top talent and fostering loyalty among employees.
Mentoring & support for new graduates
Starting a career as a lawyer can be overwhelming for new graduates transitioning from university to a professional environment. Law firms should invest in mentoring programs that pair experienced attorneys with new graduates. A survey by the National Association for Law Placement found that over 60% of new associates in large law firms who had mentors were highly satisfied with their jobs.
Work-life integration support
Encouraging work-life integration goes beyond just offering flexible work arrangements. Law firms should actively promote a culture that values personal time and responsibilities. This could include offering support services like on-site childcare facilities or providing resources to manage personal commitments effectively.
Support at home
With the majority of lawyers working upwards of 40 hours per week, there is simply not enough time to juggle work with looking after the home, socialising, exercising and personal appointments. On top of this are the 70% who struggle to find time for family including those with children, elderly relatives, or both. Providing assistance with household responsibilities and family care is a simple yet extremely impactful way of alleviating your employees’ load.
companiions connects your employees to hundreds of trustworthy and verified companions who can provide on-demand, in-person support in any way they need it.
With companiions, your employees have access to a range of support with; household tasks, deliveries, cancer care, pick ups, childcare, pet sitting and sickness and injury.
With companiions, we'll help your organisation:
Reduce costs from attrition and absenteeism
Improve employee well being by providing work-life balance support
Promote gender equality in your organisation
Tailor support to suit your employees unique needs to attract and retain top talent for your business
Ready to implement better perks at your law firm? Get in touch with the team.
Find out more about how our employee benefit can help your organisation attract and retain the best talent.
