Commitment to Competitive Compensation Plans
The legal market is competitive, to say the least. The best potential hires will have prepared and compared options to get the best view of where they stand in the market. They will have researched what makes a compensation package competitive in the industry and as an organization that needs to be competitive, and you should do the same. Law firms need to have developed contingencies to adjust to top candidates’ needs.
There is always the danger of a potential candidate going through the entirety of the recruitment process and declining a job offer because some part or the whole of a compensation plan just is not attractive enough. Often the plan does note offer them the appropriate amount of control over their career development or earning potential. It is a missed opportunity to secure and develop top tier talent, but through awareness and planning, could provide an opportunity for your firm or organization to learn and deploy strategies that will ultimately make yours a destination for the best of the best.
How A Firm Can Stand Out
The majority of sought-after candidates are passive job seekers in any industry, not just the legal arena. They are currently employed and more than likely paid well for their services.
When presenting an offer, the advantage of focusing on an overall compensation/benefits/perks package is that you are presenting a candidate with the big picture and how they fit into the overall success and at the same time, provide them with the extras. You are providing greater opportunities for personal and professional growth.
A robust compensation package includes a competitive and market-appropriate base salary, incentives, business origination percentages, required billable hours and bonus hours, bonuses, paid time off, insurance benefits, and contributory retirement plan. Other benefits should be outlined, such as professional development/mentoring and legal marketing assistance.
Get Creative with Perks
Employee perks could include some or many of the following: flex time, occasional remote work, cell phone reimbursement, advancement to unlimited PTO, discounted legal services, child care assistance, educational assistance, commuter benefits, retail discounts, training seminars, gym memberships, free yoga or chair massages, ergonomic work areas, monthly lunch or breakfast, employee team-building events, and so on. Another great perk is for the law firm to be involved in charitable activities in the community and include all employees by allowing the time and resources for all who want to serve.
Once an offer is presented, Firms should expect the current employer to present a counteroffer to retain the employee, which can result in a back and forth between the competing firm. As a recruiter, counters are a challenging position in which to guide a client and where a firm can benefit using an intermediary.
Emphasize Potential Growth
The key is to emphasize potential growth. You are facilitating a candidate’s chance to be more, to take greater control of their future, and to become a more significant factor in their personal success. An employer needs to build a system of compensation which offers more gains to those who take an active interest in not only their professional and personal development but in the overall progress of the organization at large.
In doing this, not only does a firm generate employees invested in quality service and greater organizational reputation, but in job satisfaction and a team that is constantly adding to strong company culture.
A competitive and flexible system of compensation and benefits is a sign to candidates and competing firms alike that you are a serious player in the field, that you are committed to building a firm that is stable, substantial, and dedicated to its people and success.
At Monzingo Legal, we can show those candidates, the ones you need to be at the top of the game, just how committed and invested you are in making them the next innovative addition to your legal team.