According to the latest Thomson Reuters Institute’s survey, top concerns for law firms’ management are talent as well as environment, social and governance (ESG) matters.
Talent concerns consumed the lion’s share of leaders’ thinking. The competition for talent has been particularly fierce over the past six months, with many law firms constantly struggling to keep up with the latest industry pay scales. Beyond recruiting, retention has also taken up a large space in leaders’ minds, with concerns over attorney burnout and overall well-being increasing.
Closely related to these talent considerations are law firms’ actions and plans regarding ESG initiatives. It is becoming increasingly important for law firms to not only be able to articulate their own values through their stated ESG priorities, but to also demonstrate to clients how the firm can help clients fulfill their own ESG goals.