Your Most Valuable Asset: Getting the best out of your people

All professional service firms maintain that their people are their greatest asset, and many include outstanding working conditions in their mission statements – but increasing levels of staff turnover and a trend of lateral hiring demonstrate that often this does not ring true.

Smaller and medium-sized firms cannot offer the attractive remuneration packages that the larger city firms can, but they do hold significant advantages. Firms must emphasise opportunities for flexible working patterns, a structured career path, a more specialised or more varied workload, and more face-to-face client interaction. They must be able to demonstrate that their firm has a distinctive culture of excellence and really cares for its people.

1. Involvement

It is vital to get ‘buy in’ from staff at all levels. This starts with the ethos that the firm is a ‘team’, from cleaners through to equity partners and management, and everyone is to be treated as an important player. Therefore, staff must be involved in defining the firm’s direction, communication maintained at all levels and regular information provided about the firm’s performance. Profit-sharing, even in basic roles, is an effective way of demonstrating commitment to these principles, and a dialogue with management maintained. Offering free services to staff add to the sense that they are valued. Moreover, a rewards system for bringing in clients and referrals underlines the ethos that the firm and the staff share goals and priorities.

2. Recruitment

This ethos must be apparent not only to current staff, but also to all new applicants and recruits. Any firm taking this issue seriously will have a dedicated ‘Careers’ section on their website, outlining how they provide a different and caring working environment. Interviews are an opportunity not just to assess the candidate, but to demonstrate the firm’s ethos and community.

3. Training

Training and support are areas in which many firms do not live up to their own highly professed standards. Smaller firms often concentrate resources on technical training, while giving insufficient attention to training for management roles and ‘soft’ skills. Good lawyers do not automatically make good managers, and personal development is an important element in retaining staff. Staff should also be trained in confidentiality standards and good practice, client care and telephone skills, IT and firm processes, and in how to deal with new enquiries.

4. Support

Likewise, fee-earning staff often feel that they are insufficiently supported to carry out their roles to the standards they expect of themselves. Ensuring that fee-earners are supported by the staff and technology they need is key to maintaining excellence as a firm. If a firm must streamline, it should do so by cutting back in unprofitable areas and retaining a reputation for outstanding technical work and client service in its remaining services – even if this means flexible arrangements such as part-time contracts and outsourcing arrangements.