Legal departments face retention challenges as in-house counsel eye the door.
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Corporate law departments are in for “an attrition wave,” according to a new Axiom report flagged by Law360.
The 2024 In-House Survey Report, based on a survey of 300 in-house counsel, says that 70% of lawyers believe that to advance their career they will have to change employers. And 58% are already actively looking for or open to a new job.
According to the study, increasing job dissatisfaction, stress, and lack of engagement are fueling attrition. More than half of lawyers surveyed (54%) reported low job satisfaction. In addition, 97% reported experiencing stress and burnout, 81% said their departments lack the necessary staffing resources to do their jobs effectively, and 96% said they find aspects of their work unengaging.
“To retain in-house talent,” the report suggests, “companies must strike a harmonious balance between meeting their staff’s career aspirations and overcoming the persistent resourcing hurdles they face.”
Do Most In-House Attys ‘Have One Foot Out the Door’? [Law360 Pulse]2024 In-House Counsel Survey Report – Legal All-Stars Are Eying the Exit [Axiom]
