What Factors Influence Attorney Cost Per Hire
What Factors Influence Cost Per Hire of Attorneys?
Alana Washington
University of Maryland University College
This research paper was prepared for AMBA 600, Section 1141, MBA Fundamentals taught by Professor Yitshak Merin
Summary
Attracting quality talent requires investment. In today’s competitive business environment it takes money to attract talent and it takes talent to make money. This research paper will explore the monetary investment required for law firm attorney recruitment. The research will also review the amount of time it takes to fill a position with the cost per hire. From the decision to advertise or post vacancies on a firm’s website, to reviewing resumes and contacting candidates for a series of interviews, how do legal administrators track and budget the cost of hiring for strategic use.
What Factors Influence Cost Per Hire of Attorneys Hiring qualified employees is a critical management function and in no place is this more evident than today’s law firm. Law firms that consistently bring in attorneys whose knowledge, skills and abilities align with their firm’s overall strategy and culture outperform their competitors. A hiring strategy that attracts and selects the right talent can translate to higher revenue growth, lower turnover, and ultimately higher partner profits. The monetary investment it takes, however, to attract and retain top talent is the largest and least understood expense at any law firm. These financial investments include but are not just limited to competitive compensation and benefits packages, advertising costs, agency fees, employee referral bonuses, travel cost of the applicants or staff, relocation costs, and recruiter pay and benefits.
The Recruiting Function The recruiting function in a law firm is an integral part of operations and law firm recruiting professionals put a great deal of effort into the
Alana Washington
University of Maryland University College
This research paper was prepared for AMBA 600, Section 1141, MBA Fundamentals taught by Professor Yitshak Merin
Summary
Attracting quality talent requires investment. In today’s competitive business environment it takes money to attract talent and it takes talent to make money. This research paper will explore the monetary investment required for law firm attorney recruitment. The research will also review the amount of time it takes to fill a position with the cost per hire. From the decision to advertise or post vacancies on a firm’s website, to reviewing resumes and contacting candidates for a series of interviews, how do legal administrators track and budget the cost of hiring for strategic use.
What Factors Influence Cost Per Hire of Attorneys Hiring qualified employees is a critical management function and in no place is this more evident than today’s law firm. Law firms that consistently bring in attorneys whose knowledge, skills and abilities align with their firm’s overall strategy and culture outperform their competitors. A hiring strategy that attracts and selects the right talent can translate to higher revenue growth, lower turnover, and ultimately higher partner profits. The monetary investment it takes, however, to attract and retain top talent is the largest and least understood expense at any law firm. These financial investments include but are not just limited to competitive compensation and benefits packages, advertising costs, agency fees, employee referral bonuses, travel cost of the applicants or staff, relocation costs, and recruiter pay and benefits.
The Recruiting Function The recruiting function in a law firm is an integral part of operations and law firm recruiting professionals put a great deal of effort into the
References: National Association of Legal Professionals. (2010). Lateral Hiring Best Practices Guide. second edition. Tibbetts, L. (2009). The Importance of Due Diligence in Lateral Hiring. NALP Lateral Recruiting Section. White, C. (1984). Recruiting How to Make it More Cost Effective Without Sacrificing Quality. Law Journal Library. U.S. Census Bureau Statistical Abstracts (2007) Martindale Hubbell from http://www.martindale.com Society of Human Resources Management from http://www.shrm.org