Canada’s law firms are increasingly looking to bonuses and pay raises to retain top-level talent, according to a Robert Half Legal survey.
Approximately 79% of lawyers polled for the survey said they planned to offer associates raises and bonuses this year, compared with 15% who said they would not.
The legal staffing firm said the poll, which netted responses from 150 lawyers at firms across Canada, shows that compensation is re-emerging as a crucial retention strategy as the employment market recovers from the Great Recession.
“Although many law firms and legal departments were forced to reduce staff and freeze salaries in the past few years, retention of top performers definitely remains a priority, especially as the economy recovers,” commented Anne Edmonds, Canadian regional manager of Robert Half Legal.
“Employers in the legal field are increasingly strengthening their retention programs, including offering raises and bonuses before employees consider other opportunities.”
Edmonds also said the cost of recruiting and training new hires can sometimes exceed the cost of paying an existing employee more.
Smaller firms with tighter budgets might also consider non-monetary incentives to retain employees, Edmonds said, such as telecommuting, time off and more flexible scheduling.
Joel McKay
Twitter: @jmckaybiv