What are the main drivers behind legal professionals considering their next move?

Law firms have encountered a challenging start to 2023 with a decrease in appetite of business services professionals willing to move jobs. Whether this is related to market uncertainty, or uncertainty around the global economy, firms are facing a more competitive hiring environment in their efforts to fill vacancies.

Gone are the days of people moving for an extra few thousand pounds for a ‘like for like role’. In the current market, candidates are generally looking for more than just a good salary.

So, what are the main drivers behind legal professionals considering their next move?

I’ve put together a list of top priorities, in order of importance:

Compensation and Benefits

Although I’ve said salary isn’t everything, ultimately it still comes out on top. While compensation and benefits are not the only factors that candidates consider when moving jobs, they do play a crucial role. Candidates want to be paid fairly for their skills and experience, but also will want to receive benefits such as health insurance, retirement plans, and paid time off. Employers who offer competitive compensation and benefits packages are more likely to attract top talent.

Career Development Opportunities

One of the main things that candidates look for when moving jobs is opportunities for career development. They want to work for an employer who will invest in their professional growth, offer training and development programs, and provide them with a clear path for advancement. Candidates want to know that they are not just taking a job, but building a career.

Work-Life Balance

Work-life balance has become increasingly important to job seekers in recent years. Candidates are looking for employers who will allow them to balance their work and personal lives, and who offer flexible working arrangements. This could include options such as remote work, flexible hours, and time off for personal or family obligations. We have seen on multiple occasions candidates refusing to explore opportunities at firms where roles are 100% office-based. If your firm doesn't offer any flexibility, it could be hugely detrimental to your attraction rates.

Company Culture

Company culture has a significant impact on job satisfaction and candidates are looking for employers who have a positive, supportive, and inclusive culture. Candidates want to work for a company where they feel valued, respected, and part of a team. They also want to work for a company that aligns with their values and beliefs.

In an ever-changing environment, it’s crucial for law firms to be as competitive as they can in terms of overall package vs. competitor law firms in the market in order to secure the best talent.

Here at RedLaw, we are always happy to advise on industry trends and insight in terms of market rate salaries, hybrid working structures, benefits and more. If you would like to discuss any of the above, please do reach out to one of our specialist market-leading consultants.