Professional Services: New York Law Firm’s Benefit Benchmark Study Reveals Gap In Offerings
A law firm with a benefit offering below the New York law firm benchmark, no HR person on staff, no formal recruitment strategy and no employee development plan was struggling to attract top lawyers and paralegals, and to keep top producers. This was affecting their stability, employee morale, and ultimately, their bottom line. After losing one of their highest billing attorneys and a key associate to a larger firm with more robust benefit offerings, they realized they needed to make an immediate and drastic change to recruit and retain quality employees.
Our PEO partner immediately assigned a seasoned Human Resources Manager with vast experience working with law firms to help, and conducted a market analysis of other firms in the area. After establishing a benchmark, the PEO developed an innovative employee benefits program that rivals top law firms in the area. Our PEO partner then devised a recruitment and retention strategy designed to reposition the firm in the marketplace.
The firm now offers benefits and employee development that are on par with their top competitors. They have a clear plan on how to increase employee satisfaction and retain quality people while attracting top new talent. Their turnover has reduced significantly, and employees shared positive feedback during and after their benefit enrollment meetings via employee satisfaction and engagement surveys. Leadership can now focus on clients and on growing the firm.