When asked how they planned to survive an onslaught of poaching from Am Law 100 firms during the height of the talent wars, leaders of midsize and Second Hundred law firms typically levied a two-part solution: do as much as possible to raise compensation and leverage advantages that Big Law couldn’t offer.
In addition to more hands-on training and a realistic path to equity partner, those advantages often included a declaration of being a “lifestyle” firm. Incoming associates traded lower pay for more reasonable billable hour expectations and a semblance of work-life balance, and firms weren’t pressured to charge them out at obnoxious rates and push high billables because the associates weren’t so expensive to keep on the payroll.
