The 7 biggest concerns of law firms
by julia gil
With the beginning of the year, Iberian Lawyer collected information from the main Spanish law firms through a questionnaire on their biggest concerns this year and the possible solutions they are using or plan to use to address these concerns.
With respect to the data obtained, law firms are most concerned about attracting, retaining, and managing the talent they will have this 2024. Technology (AI) and information protection is their second biggest concern and, lastly, efficiency, to close the top 3. In fourth place we have the positioning they occupy in the market and, in fifth place, regulatory and ethical compliance. Sustainability and political, economic, and social uncertainty are the two least important concerns for Spanish companies in the new year that has just begun.
- ATTRACTING, MANAGING AND RETAINING TALENT
Attracting, managing, and retaining talent is the biggest concern for law firms in 2024.
For 72.2% of law firms, the retention of talent that fits with their culture has become one of the concerns they hope to solve this year. The development and training of that talent is more of a concern for the remaining 19.4%, while only 5.5% are more concerned with the issue of succession and continuity of firm leadership.
Most of the firms surveyed stated that they do not believe that the problem of attracting talent can be managed without training and flexible career plans tailored to each lawyer. And all this, both in terms of technical knowledge and transversal skills, as explained by the big four EY.
However, there are other types of solutions, as applied by CMS, where they focus on employer branding as a methodology in the talent recruitment process to ensure that the candidate feels identified with the project and the work culture from the very first moment, even if he/she is not finally selected. In Baker McKenzie’s offices, they also try to involve partners in the selection process and keep communication as transparent as possible.
In this sense, when recruiting young talent, the firms also pay special attention to the qualities that these candidates possess. 66.6% of firms are alarmed that young people are not committed to their work and to the firm itself. To 25%, that they are not proactive, above qualities such as leadership, adaptability, or digital skills, which were selected by the other 10%.
When it comes to the less experienced, Cuatrecasas believes that it is more important to “give them the opportunity to participate in highly complex legal matters in multidisciplinary teams made up of professionals from different jurisdictions”. This opinion is shared by Uría Menéndez, which also offers its lawyers the possibility of secondment in the firm’s offices abroad or in high-level “friendly” firms.
