It gives insight into what up and coming professional talent looks for in a firm (it is largely about culture) and how firms measure success (of course it’s about revenue). Not every firm can offer exorbitant salaries to attract top talent, but firms of all sizes can cultivate a culture that is inclusive and a great place to work for everyone, develop both male and female leaders, provide skilled professional development, and allow opportunities to have meaningful impact that the next generation values.

Firms that wish to remain competitive are scrutinizing their culture and what can be done to improve retention. “The career path for lawyers has traditionally been one of two main routes — private practice or in-house counsel. Things are changing. A highly skilled workforce continues to emerge that wants to control their own workload, working environment and work-life balance.”

Here are five things firms can do now to establish a culture that is attractive to everyone.

1. Identify the type of culture you’d like to create. Do you want a culture that encourages proactive business development, integrated work and life, stellar work, or perhaps phenomenal client service? Great cultures don’t happen by accident or committees. A firm must identify what it values, how it will hold professionals accountable, and hire accordingly.
2. Develop skilled leaders and managers. When someone is good at their job, it is easy to surmise that they will be a good manager and help others to become good at their jobs. This simply isn’t the case. Management and leadership are not just roles – they are teachable skills that must be trained and developed. Moreover, while there is some overlap, they are different skills. Men and women both have the ability to become effective managers and leaders when coached and equipped by a trained, experienced leader. This is critical because upwards of 75% of employees indicate that they leave due to bad managers/leaders.
3. Provide space for pro bono work and meaningful impact. “84 percent of millennialssay that ‘knowing I am helping to make a positive difference in the world is more important to me than professional recognition.’” Some changes are good. The recent emphasis to allow a more balanced, holistic approach to life and work, may have been thrust upon firms by the desire to attract and retain new talent, but it has benefited more senior colleagues and firms as well. Poyner Spruill, a North Carolina firm, figured out how to accommodate Cheslie Kryst’s pursuit of the Miss USA title by, “Communicating expected goals and benchmarks as she traveled for competition, said firm managing partner Dan Cahill. Kryst works hard for Poyner, he said. And management, in turn, works to ensure that she doesn’t have to sacrifice her passion.” Allowing time for professionals to work on projects they find interesting encourages engagement, builds trust, and motivates team members.
4. Invest in the professional development of your team. When is the last time you took an hour a month to listen to the goals, opportunities, and challenges of those you supervise, give constructive feedback, help navigate firm politics, reward a job well done, develop hard and soft-skills, or hold your team members accountable? The effectiveness of a leader is determined by how well you help your team to succeed. With all the competing demands for time, it is getting harder for professionals to “grow-up under the wings” of an experienced mentor or leader who will devote the resources to understand the nuance of their particular situation. Instead, firms and individuals have turned to professional trainers and coaches to fill the gap. This has proven productive and efficient for firms – freeing capacity of their senior leaders and rainmakers, and effective for young or mid-career professionals who face different challenges than their senior counterparts.

Firms of all sizes can attract and retain excellent talent. You don’t have to be a large firm to offer the benefits of a great culture, but you do have to be intentional. The results are worth the effort.