Published November 2019
Keeping mid-level talent settled and productive is essential to profitability. We ask law firms how much they pay their associates and what forms of non-financial compensation they offer to keep talent happy.
Fewer Latin American law firm associates feel positive about their salaries than they did a few years ago – and for good reason, as many pay packages are not rising above inflation. But despite meagre economic growth putting paid to increases, more associates rate their wages positively than negatively.
Generation Y is often thought of as a tough nut for employers to crack, so it’s positive news for law firm managing partners that a good number of today’s associates have long-term ambitions at the firms they are in. But with so many lawyers having their heart set on becoming partner and only a certain number of spots available, how can firms maintain satisfaction levels among lawyers, whether they’re on the partnership track or not?
Lawyers don’t tend to leave a career in private practice to go in-house for the money, instead they’re often after better equilibrium between their professional and personal lives. Nowadays, law firms are competing better with companies on the work–life balance they offer their associates, but how successful are their efforts?