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Lateral hiring and talent management key challenges for UK law firms

Lateral hiring and talent management are the biggest management challenges over the next five years, survey finds

1 October 2012

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By Manju Manglani, Editor (@ManjuManglani)

The recruitment and retention of talent is a key management challenge facing UK law firms, a market survey has found.

The survey found that the most significant management challenge facing commercial UK law firms over the next five years is increasing the number of lateral hires, alongside having a greater emphasis on talent management.

The next biggest priority identified by respondents is retaining talent by developing alternatives to partnership for associates, followed by modifying partnership structures to encourage greater performance by partners, and addressing fee-earner recruitment and retention issues.

The need to introducing better firmwide financial discipline was also highlighted as a big challenge.

Interestingly, however, enhancing social mobility and diversity within the firm was ranked by respondents as the least significant challenge.

More than half of respondents said that managing client relationships is their most important priority over the next 12 months.

The next most important strategic need highlighted by respondents was introducing non-lawyer management to their firms (18 per cent).

The full findings of the LexisNexis survey, which received responses from 101 mainly commercial UK law firms, are published in Pressure Points.

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