Millennial Attorneys Want to Make Partner—But on Their Own Terms

Despite significant concerns, a study finds that most Millennial lawyers are in it for the long haul

The majority of Millennial attorneys believe that the law firm business model is “fundamentally broken” —but that doesn’t mean they don’t want to stick around and become law firm partners. They just want to do it differently than ever before.

That’s one of the biggest takeaways from Above the Law’s “2019 Millennial Attorney Survey: New Expectations, Evolving Beliefs and Shifting Career Goals.” Millennials already comprise the largest portion of the U.S. workforce, and by 2030 that number is projected to reach 75 percent.

The legal industry is already feeling the effects of a generation who view the practice of law differently than their elders, leading to declining law school enrollment, increased job-hopping, and demands for greater work/life balance. Understanding the Millennial mindset and addressing their concerns is critical to ensuring that both law firms and legal departments can attract the best and brightest from this huge legal talent market.

Above the Law’s study collected responses from more than 1,200 associates and partners at U.S. law firms. It digs into the perspectives and priorities of the Millennial set and shines a light on some important differences that exist between rising male and female attorneys.

Let’s take a look at the results.

Millennials’ sights are set on partnership 

Partnership remains the top career goal among Millennial attorneys, with 40 percent expecting to become law firm partners within the next 10 years. And despite their reputation for job-hopping, nearly 30 percent aim to make partner at their current firm.

The next highest percentage of respondents—17.5 percent—have their sights set on a role at an in-house legal department, citing better work/life balance as the primary motivating factor. Interestingly, of the attorneys who don’t covet the partnership prize, men are more likely to set career goals of becoming in-house counsels at corporations while women are more interested in non-profit and government work.

Only 12.3 percent of respondents saw themselves not practicing law within 10 years. There is a caveat, however: contradicting these results, nearly 66 percent of Millennials—and nearly 66 percent of attorneys overall—view law firm partnership as “much less desirable” than it was a generation ago.

Millennials are also quite critical of the law firm culture and business model. Again, more than 50 percent of all lawyers surveyed (including more than 50 percent of Millennials) see the law firm business model as “fundamentally broken,” with major misgivings about diversity, sexism, and work/life balance.

It’s also worth noting that only 12.3 percent of all lawyers think their firm genuinely cares about professional development for associates, which is an important statistic for law firms struggling to retain top talent over the long-term. That number dropped even lower for the associates themselves—most of whom are Millennials—to a dismal 9.7 percent.

But there is hope on the horizon. Millennials also believe they have the power to reshape law firm policies and culture for the better. More than 60 percent of respondents said Millennials are having a positive impact on law firm policies and culture, and nearly 70 percent of Millennials felt confident they would achieve their 10-year career goals.

Work/life balance remains the top priority

Work/life balance continues to be the rallying cry for younger generations, and it flies in the face of the traditional law firm business model in which associates are expected to patiently put in gruelingly long hours to prove themselves worthy of making partner. Millennials ranked work/life balance as the most important factor for evaluating potential employers, coming in at 8.2 on a scale of 1 to 10. Other top priorities included compensation (8.1), commitment to training and professional development (8.0), and commitment to progressive, family-friendly policies (7.5).

The breakdown varied slightly along gender lines: women cited work/life balance as the most important factor in evaluating potential employers, and men ranked it as second-most important after compensation. But more than 75 percent of young attorneys agreed they would trade a portion of their compensation for opportunities to achieve better work/life balance, such as more time off, a flexible work schedule, or a cut in billable hours.

Prestige and strength in a particular practice area were significantly less important in choosing a firm, at 5.9 and 6.7 respectively. Despite Millennials’ reputation for wanting to make the world a better place, a commitment to corporate social responsibility ranked last on their list of priorities for evaluating a firm.

More respondents prioritized choosing a firm with clients whose values mirrored their own than in previous years. But the number still only came in at 5.2 on a scale of 1 to 10, compared to 4.8 in 2017. Among women, the number is slightly higher at 5.7, compared to 4.8 for men.

New solutions are needed for increasing loyalty

Record turnover rates remain a significant concern across the law profession, costing the top 400 law firms an estimated $9.1 billion a year and impacting morale, practice groups, firm reputations, and client satisfaction. Unfortunately, survey results did little to ease fears for firms and legal departments concerned about retention.

• While nearly 70 percent of Millennials self-described as loyal, more than 75 percent also said they were either open to new job opportunities or actively seeking them. Those findings strongly indicate that firms and legal departments need to consider new ways to increase loyalty among their employees.

• Millennials do value mentorship, but find informal mentor relationships more meaningful than formal ones. More than 60 percent of respondents said an informal mentor plays a significant or crucial role in their career, and nearly 29 percent indicated that formal mentorship is irrelevant.

• Having a transparent career path also plays a key role in employee retention. Millennials who ranked their firms as “very” transparent about associates’ career paths were 20 percent more likely to describe themselves as “moderately” or “highly” loyal to their current employer. Superstar employees who feel unappreciated or believe it will be difficult to advance are also more likely to seek greener pastures.

• Despite the attention generated by the #MeToo movement, many women Millennials believe law firms have a lot of work to do when it comes to leveling the gender playing field.
  
  More than 45 percent of women “strongly” asserted that law firms are inherently sexist, although only about 14 percent of men “strongly” agreed. More than 56 percent of women “strongly” believed there is a gender pay gap, but less than 18 percent of men “strongly” agreed. It’s not surprising, however, that the young attorneys feeling the most impacted by a perceived inequity would be the most likely to feel strongest about it.
  
  More than 60 percent of women also “strongly” prioritized diversity and inclusion in the workplace, compared to 37 percent of men. In fact, women across the board were more critical of law firms’ culture, compensation structure, and business model.

Embracing a new way of work

Millennials’ emphasis on work/life balance has earned them a reputation for being lazy, but that's not generally the case. The study’s results shine light on the fact that young attorneys don’t mind working hard to achieve a goal—they simply want to work differently and more flexibly than previous generations.

Law firms and legal departments need to be willing to move past the status quo and embrace new ways of work, or risk putting themselves at a significant disadvantage for hiring the newest generation of talent in today’s historically competitive job market.

Carrington Legal Search is devoted to finding the ideal candidates for our clients’ recruitment needs. We have particular expertise in the Financial Services (banking, insurance, investment management, etc.) and Technology verticals. To make our nationwide network work for you, get in touch at 512-627-7467 or email carrie@carringtonlegal.com.