Sticking with 3-Days-a-Week - Smart Law-Firm Retention Strategy or Competitive Disadvantage?

 Elite law firms such as Davis Polk which are committing to lots of NYC square footage are among the saviors of commercial real estate, documents Bloomberg Law. It is leasing 700,000 square feet at 450 Lex in Manhattan. 

No surprise, Davis Polk is among the prominent law firms which have instituted RTO of 4-days-a-week. Given that employers certainly have the upper hand again there is much speculation that 4 will soon become 5. Seasoned associates have the option of resisting that, hitting the recruiters and going elsewhere. They are the most marketable. Essentially, though, very junior lawyers are stuck with whatever RTO configuration, including stiff monitoring and penalties for non-compliance, management creates. 

So, the strategic question is: Can law firms such as Paul, Weiss which are currently RTO 3-days-a-week continue to position and package that as a perk? Such could entice senior associates to stay put. A recent rumor is that Paul, Weiss could be establishing the Non-Equity Partner tier in 2024. That is another retention tool. If Jones Day, which has a one-tier partner system, experiences any kind of flight of mid-level talent it might also consider NEPing.

However the 3-day perk could bite the law firms in their client list. It is well-known that Wall Street isn't fooling around about getting both leaders and rank and file back in-person, preferably through the entire week. Wall Street constitutes a major client base for a number of NYC-based law firms. If those clients or prospects for business put the muscle on the law firms there might be a caving to the full catastrophe (even many extroverts hate being in the office) of 5-days-a-week. 

In 1987, way before it was fashionable as with the creator economy currently, I hung out my own shingle. That was primarily not to have go into the Fortune 50 office every day. Since it was pre-digital, I still had to commute in for sales calls and reviews. The gallows humor back then was that everyone knew where you were and where the boss was at all time because we all were watching everyone else and they were watching us. 

Data or the gut for your careers and communications? Both of course. Complimentary consultation with intuitive coach, content-creator, and Tarot reader Jane Genova (text 202-468-8579, janegenova374@gmail.com).


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