Brad Wine spoke to LexisNexis for a report on the billable hour model for charging law firm clients, which has attracted criticism for encouraging inefficiency and creating the wrong incentives for lawyers.
"The arrangement has historically been that in exchange for compensation people are expected to work hard, and that continues to be the case," Brad said. But while the war for talent has mainly focused on salaries and which firms can write the largest checks, lawyers are also increasingly seeking to work for firms where they feel valued beyond monetary reward. "Compensation is but one of several components that we see associates really focusing on and making decisions about where to go to work or where to stay. Principally those components center around the investment that we make in those associates, whether it's training, mentoring or ensuring we are meaningfully engaging with everyone at our firm. My goal as a law firm leader is if one of my high-achieving associates gets a phone call from a recruiter, they say they are happy where they are."
Firms must also win over younger generations of lawyers who are more socially and environmentally conscious. Some appeal to those values by making diversity and sustainability-related activities count towards billable hour targets. Brad said Morrison Foerster takes a more holistic approach to billable hours. For instance, the firm gives lawyers unlimited billable hour credit for any pro bono work they do and provides 50 billable hour credits for fee earners supporting the firm's diversity and inclusion initiatives, such as mentoring.
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