The following is an excerpt from a Gene Commander column examining how future-focused law firm leaders need to zero in on attracting and retaining top talent with multigenerational solutions to meet their talent needs. The current labor market has revealed pressing challenges for Colorado law firms, especially the hundreds of small and midsized firms that are the heart and soul of Colorado’s legal industry. The article was published in Colorado Lawyer and can be read in full here.
A new era of uncertainty has dawned in the legal profession, and it could represent a tipping point for business operations and profitability in law firms of all sizes throughout Colorado as the demand for legal services fluctuates.
The pandemic accelerated several trends that had been reshaping the legal industry since the Great Recession, including increasing rates of attorney attrition, shrinking law school enrollment, and growing reliance on advanced technologies, such as those that enable remote work and embrace the expanded use of AI.
As the pandemic eased, law firms faced a record level of legal demand, yet found themselves without the productive talent needed to meet the demand. The inevitable price war that will accompany a dwindling supply of talent will soon reshape the business of law.