Talent Strategy

The most successful law firms will be those that are agile enough to flex resources to meet client needs at a competitive price. The new generation of lawyers will need to be more than just technically competent, requiring a broader skill set.

Law firms are being forced to adapt some of their practices and approaches to remain afloat. The Law Consultancy Network has developed a talent strategy action plan for law firms to prepare for the future. In practice, this covers areas such as procurement, bid and pitch support, as well as training.

Whilst there is no single ‘best’ strategic option, it is essential that firms in the legal sector makes strategic choices based on their aspirations.

To this end, the talent strategy should be closely linked to and developed in conjunction with the business strategy.

To attract and develop new talent, law firms will have to adapt their talent models accordingly. We expect three ‘talent pools’ to form the structure of front-office employees within the future law firm:

• partners and leaders to embed the most appropriate culture in the law firm;
• traditional, permanent staff, primarily fee-earning lawyers who firms should attract, retain and develop in the conventional way; and
• non-traditional and transient employees, including projects managers, sales executives, dealmakers, data and technology experts as well as lawyers.