Legal Village

Lawyers need love too

Posted 18/04/2007 by Fiona Woolf

We’re moving into the next phase of the Great Quality of Life Debate now that the results of the survey across law, accountancy and investment banking are back. 

The findings make very interesting reading and underline the fact that money, benefits and even flexible working are not the key ingredients for staff engagement and retention. So what are the headlines?

• Personal access to supervisors, challenging work and a high degree of client contact were rated as the most important factors.
• Flexible working and predictable working hours are somewhat less important.
• But having a clear career path and good access to personal skills development ranked higher.

The top five tangible benefits were identified as:

• part-time schemes;
• flexi-time schemes;
• technical and management training;
• soft skills training; and
• pension.

However, there is little evidence to suggest that the tangible benefits and rewards offered, in addition to a basic salary and good bonus package, were any better a motivator than an effective manager, good working practices and developmental supervision.

It is clear from the experience of several firms, investment banks and accountants, that tackling the issue of staff engagement and job satisfaction doesn’t just benefit employees – it can also have a significant positive impact on productivity and profitability.

As part of the next phase, we will be using BDO Stoy Hayward as a case study and exploring how it became the UK’s largest accounting firm outside the big four. Between 2003 and 2006, BDO increased turnover, profits and profits per equity partner by investing in employee engagement and communication. The firm also developed a series of initiatives that involve and empower people to take responsibility and play a role in its future.

This, as many a managing partner has told me, is a very serous issue. In this current climate of increasing staff attrition rates in the law (sometimes nearly three times as high as accountancy), the ‘Y Generation’ effect and ‘quality of life’ issues, no body can afford to ignore these findings.

There are some more explosive findings on the way – watch this space.