With the talent market becoming more competitive, ALB's extensive Employer of Choice Survey 2009 investigates which firms warrant the title, and why
This article first appeared in ALB's March issue 2009 – ALB Employers of Choice 2010 will be announced in March 2010.
As the financial crisis sweeps over law firms across the UK, the US and - to a lesser extent - Australasia, employers are faced with the task of balancing firm finance with staff needs. Consequently, organisational structures becomes leaner, redundancies are announced and performance management is prioritised. The result is that the balance of power between lawyers and recruiters tilts in favour of the latter, who are directing their focus towards the more experienced end of the market. Additionally, as international market conditions prompt droves of skilled lawyers based overseas to return home, undoubtedly firms will still be on the lookout to attract the cream of the crop - and retain it.
At the same time, high-achieving lawyers will be seeking to integrate their skills, values and career aspirations in a culture that meets their equally high expectations. Against this backdrop, the timing could not be better for ALB to unveil the region''s top firms - as revealed by the lawyers they employ.
Beggars and choosers
Redundancies, salary freezes, equity contributions. With these buzz words circulating in the legal industry lately it''s no wonder that lawyers and firms alike are anxious about the employment landscape. The discrepancy in firm management may have been evident for some lawyers who read the recent announcements with curiosity as some associates were elevated to partnership, while a significant number of others were made redundant. But that is not to say it has been an easy ride for employers either. The challenge for them all over the last few months has been how to consider firm finances without damaging staff morale. Tightening the budget has become a very dicey walk on the tightrope between keeping staff reassured and corporate structure stable.
With this in mind, ALB''s employer of choice survey has never been more topical. The firms that led the pack this year as the region''s top employers have come to the forefront for several reasons - not only for recognition in a difficult employment market. From the ones rated highly for their quality of work to those scoring well for professional development initiatives, this year''s Employers of Choice have got it right when it comes to attracting quality lawyers.
General observations
The online survey was conducted during December 2008-February 2009, and sent out to more than 20,000 lawyers in the Asia-Pacific. In Australia and New Zealand, respondents'' level of experience and position titles varied, with the majority calling themselves simply ''lawyers''. This was followed closely by those identifying themselves as senior associates. Lawyers'' length of service was either long or short. More than half the respondents said they have spent one to two years with their current firm, while 24% said it was more than six. Insufficient data received from in-house teams meant conclusions drawn were not sufficiently meaningful to include them in the EOC ranks.
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