{"id":3020,"date":"2024-10-08T15:48:58","date_gmt":"2024-10-08T02:48:58","guid":{"rendered":"https:\/\/insource.mynewsite.nz\/?p=3020"},"modified":"2024-10-10T08:54:07","modified_gmt":"2024-10-09T19:54:07","slug":"how-law-firms-are-utilising-tech-to-attract-top-quality-legal-talent","status":"publish","type":"post","link":"https:\/\/insource.mynewsite.nz\/how-law-firms-are-utilising-tech-to-attract-top-quality-legal-talent\/","title":{"rendered":"How Law Firms Are Utilising Tech to Attract Top Quality Legal Talent"},"content":{"rendered":"\n

The War for Legal Talent<\/strong><\/h3>\n\n\n\n

There has always been a fierce battle amongst legal firms and in-house legal teams to attract, hire, and retain the best lawyers in the market. The war for legal talent has been raging for decades, and if anything, right now it has intensified even further. Firms and companies are finding it extremely challenging to identify and then attract top quality legal talent.<\/p>\n\n\n\n

What has become clear for those tasked with hiring lawyers is that the traditional methods are no longer working. In today\u2019s competitive market, law firms and in-house legal teams have started to leverage technology to retain and attract top quality legal talent.<\/p>\n\n\n\n

What is clear is that the war for legal talent requires a hiring strategy that is supported and enhanced by technology. In this article we\u2019ll walk you through the key steps and what you need to do to stay ahead in the talent race using tech and a proactive recruitment strategy, to ensure you can win the race to attract top quality legal talent.<\/p>\n\n\n\n

The Heart of the Law Firm<\/strong><\/p>\n\n\n\n

The fundamentals of a successful business remain unchanged: law firms need the best people, systems, and processes. As practice managers and HR professionals, it\u2019s your responsibility to ensure your firm operates effectively and efficiently. Firms that excel in these areas attract the best clients, who, in turn, refer new clients due to their positive experiences.<\/p>\n\n\n\n

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At the core of every successful law firm are the lawyers providing services to clients. While technology enhances efficiency, the key differentiator between firms is the legal talent they hire. However, recruiting and retaining the right talent is increasingly challenging in today\u2019s market. This is why firms are now using technology to take greater control of their recruitment processes, so they can effectively attract top quality legal talent.<\/p>\n\n\n\n

The Current Legal Talent Landscape<\/strong><\/h3>\n\n\n\n

The pandemic, the Great Resignation, and near-record inflation have created an unprecedented talent shortage. The war for legal talent has never been more intense, especially in the legal sector itself. Firms are paying significant sums to attract talent, but there simply isn\u2019t enough quality talent available.  The recent NZ ALPMA salary survey<\/a> advised firms are offering 10-20% salary increases to attract and win talent when hiring reactively.  Paying a 20% premium on each new hire will have a huge impact on a firm\u2019s recruitment budget, and may also create pay parity issues when offering starting salaries that aren\u2019t commensurate with the market. <\/p>\n\n\n\n

According to the Beacon Legal Australian Private Practice 2024\/2025 Salary and Market Report<\/a>, the average starting salary in mid-tier law firms for a lawyer with 2 years PAE is now $105,000 across all major Australian states.  These findings are mirrored on this side of the Tasman, as evidenced in our summary of the recent New Zealand Law Society and KPMG survey<\/a>.<\/p>\n\n\n\n

Relying on recruiters to fill vacancies costs Australian mid-tier law firms upwards of 20% of the new lawyer\u2019s starting salary.  It is therefore costing law firms $21,000 to hire a lawyer with 2 years PAE based on the average starting salary of $105,000. Whether you are above or below the average, one thing\u2019s for sure, law firms are spending an astonishing amount of money when relying on recruitment agencies to win the war for legal talent.<\/p>\n\n\n\n

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Top performers are the most valued legal talent in any firm, and they are typically not actively seeking new opportunities. They aren\u2019t on marketplace apps, announcing their availability on LinkedIn, or responding to job ads. They usually move only when the timing aligns with their personal and professional goals.  To attract this top quality legal talent, firms must apply a proactive approach when hiring.<\/p>\n\n\n\n

Proactive Recruitment Strategy<\/strong><\/h3>\n\n\n\n

Leading law firms have realised that to win the war for legal talent, they must proactively build relationships with potential hires. It\u2019s no longer sufficient to recruit only when there\u2019s a vacancy. Firms are shifting to a proactive recruitment strategy enabled by technology, which helps them secure and attract top quality legal talent.<\/p>\n\n\n\n

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By adopting this approach, firms can identify and target the best lawyers well ahead of needing to hire. They can learn about a lawyer\u2019s interest in future opportunities, gain deeper insights into their expertise, goals, and timeframe for a move, and ensure they are a good cultural fit. This strategy not only allows firms to be more selective but also enables them to hire talent immediately when the need arises.<\/p>\n\n\n\n

Benefits of a Proactive Approach<\/strong><\/h3>\n\n\n\n

A proactive recruitment strategy offers several benefits:<\/p>\n\n\n\n