New Research Tracks the Rise of Innovation in a Hyper-Competitive Market for Legal Talent
Talent Management Report Highlights the Realities and Challenges of Recruiting In 2021 and the Opportunities for Leveraging Technology to Empower the Process in 2022
BROOKLYN, N.Y., Jan. 26, 2022 /PRNewswire-PRWeb/ -- Thine Solutions, Inc. released a benchmarking report -- The Rise of Innovation in a Hyper-Competitive Market for Legal Talent – produced in collaboration with analyst firm Ari Kaplan Advisors, which reflects interviews with 30 talent management and recruiting leaders from among the 100 largest law firms in the U.S. conducted between September 3, 2021 and November 24, 2021. The results reveal the impact of the pandemic on entry-level and lateral hiring, the appetite for leveraging technology to address the rapid acceleration in lateral recruitment, and the increased focus on innovation to fuel further success.
"Enhancing talent acquisition, empowering meaningful long-term hiring decisions, and aligning an organization's culture and objectives with its staffing are all critical challenges that I hope this research will help law firms address," says legal industry analyst, Ari Kaplan, principal of Ari Kaplan Advisors. "The robust economy and dynamic work environment are creating opportunities for legal industry leaders to reimagine how they apply technology to hiring to drive the entire profession forward."
The key findings include:
70% of the respondents reported that referrals yield their most successful lateral associates.
57% paid internal referral fees to their attorneys in 2021.
43% are innovating their recruiting process.
23% work at firms that are currently using some type of an assessment, such as a detailed questionnaire or a practical exercise.
This research indicates that law firms need to balance recruiting, retaining, and assessing lawyer talent with navigating a highly complex, hyper-competitive, and increasingly expensive marketplace while updating their tools and traditions. They are focusing on innovation and adapting to an increasingly hybrid hiring climate by supplementing in-person and virtual events with assessments, updating competencies to better guide structured interviews, and sourcing talent in more dynamic ways. With almost a quarter of respondents currently using some type of an assessment and many more expressing meaningful interest in leveraging technology to make their hiring more equitable, it is likely that the legal community will see broader adoption of related tools moving forward.
"We wanted to underwrite research that would surface what talent leaders are thinking and experiencing at a time where there are no precedents to follow," said Sang Lee, the founder and CEO of Thine. "As veteran caretakers of the legal talent industry, we are deeply invested in our clients feeling confident about how they recruit and develop their lawyers."
Download a copy of the report at https://www.thine.co/resources-ari-kaplan-report.
About Thine Solutions, Inc.
Thine Solutions, Inc. develops and deploys pre-hiring and integration assessments. Its pre-hiring assessment helps entry-level candidates identify their strengths and development areas, and serves as an introduction to potential employers who—by using the same assessment results—can better understand a candidate's potential value beyond the traditional benchmarks of success. Thine celebrates candidate and employer diversity, invigorates interviews with more effective questions that elicit more authentic responses, and deepens professional development possibilities. Learn more about Thine Solutions, Inc. at https://www.thine.co.
About Ari Kaplan Advisors
Ari Kaplan Advisors is a leading legal industry advisory company that publishes benchmarking reports on legal technology trends, delivers networking, public speaking, and business development training for law firms and other providers of professional services, and offers personal coaching and access to its proprietary coaching software platform, https://www.Lawcountability.com. Company principal, Ari Kaplan, is an inaugural Fastcase 50 honoree, a fellow of the College of Law Practice Management, and a finalist for the International Legal Technology Association's Thought Leader of the Year award. Learn more about Ari Kaplan Advisors at https://www.AriKaplanAdvisors.com.
Media Contact
Ari Kaplan, Ari Kaplan Advisors LLC, +1 646-641-0600, [email protected]
SOURCE Ari Kaplan Advisors LLC
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