Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the owner of a five-attorney estate planning practice in Denver. I have four associate attorneys. Three have been with the firm for over 12 years. Last year, an associate that had been with me for many years left the firm and started his own practice. I thought I was paying him well by virtue of a competitive salary and a discretionary bonus in addition to other benefits. I do not want to lose other seasoned attorneys. What should I do to provide more incentives for associates to stay with the firm?
A. Experience and research by our firm and others has demonstrated that the following, in priority order, are the key drivers of associate attorney job satisfaction:
Satisfaction with immediate manager or supervisor
Opportunities for training
Satisfaction with team and coworkers
Opportunities for career growth
Compensation
Opportunities for promotion
While compensation often is considered the primary factor related to associate satisfaction, I often find that opportunities for career growth and promotion play a significant role. Associates do take pay cuts for career growth and promotion opportunities in other firms — or, in some cases, starting their own firm.
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