Whatever happened to the talent war?

http://www.law21.ca/2008/10/31/whatever-happened-to-the-talent-war/#more-267
By Jordan Frlon! " #cto$er 31% 2008
Fnny% &'n(t &t% that yo don(t hear many people '&n! the phra'e )*160%000 +&r't-year
a''oc&ate 'alar&e', the'e day'- .lon! w&th &t' clo'e relat&ve% )*1/0 per $arrel o&l%, &t(' a
nmer&c mantra that en0oyed &t' heyday way $ac1 &n that comparat&vely 'nny era we call
'&2 month' a!o. 3owaday'% tho!h% no one 'eem' to $e tal1&n! mch a$ot what the ne2t
$&! lawyer 'alary $mp w&ll $e. 4+ yo were decry&n! the mad e'calat&on o+ compen'at&on
+or roo1&e lawyer' $ac1 then% yo(re pro$a$ly +&nd&n! +&r't-year 'alary de+lat&on to $e a
'mall '&lver l&n&n! &n the otherw&'e very dar1 clod' han!&n! over or head'.
5o't o+ the tal1 th' +ar a$ot the &mpact o+ the rece''&on on lawyer' and law +&rm' ha'
centered on cl&ent': ctt&n! $ac1 on le!al wor1% clamp&n! down hard on co't'% and
!enerally pa''&n! on the&r own +ear and ncerta&nty to the lawyer' who 'erve them.
6e(ve 'een the +&r't &mpact wave 'tr&1e: a''oc&ate layo++' at many lar!e 78 and 79 +&rm'
and the collap'e o+ two :al&+orn&a law +&rm 'talwart'. 3ow come' what m&!ht 0't $e the
'tart o+ the 'econd wave% new' that !lo$al !&ant ;ver'hed' ha' ta1en the remar1a$le 'tep
o+ ''pend&n! partner payot' +or '&2 month'. .ll o+ &t ar&'e' +rom the economy(' 'dden
0arr&n! halt &n the +ace o+ the cred&t mar1et land'l&de and a''oc&ated !lo$al rece''&on.
Bt yo 1now% the 'n came p a!a&n th&' morn&n!% and lawyer' and law +&rm' 't&ll need
to th&n1 not 0't a$ot today% $t al'o a$ot ne2t year. Be+ore the meltdown% the talent
war wa' a hot top&c &n the pro+e''&on% and the &mportance o+ match&n! the r&!ht lawyer' to
the r&!ht le!al employer' ha'n(t d&'appeared. <h&n!' o$v&o'ly have chan!ed +or $oth the
$yer' and 'eller' o+ le!al talent= how mch they chan!e% and +or $etter or +or wor'e%
depend' on how mch cora!e everyone $r&n!' to the ta$le.
4+ yo(re an employer% ch&e+ amon! the chan!e' &' that yo(ve temporar&ly re!a&ned the
pper hand &n the 'pply v'. demand t!-o+-war. .''oc&ate' are '++&c&ently worr&ed a$ot
0o$ 'ecr&ty that they(re not compla&n&n! 'o mch a$ot $&lla$le tar!et' and )wor1-l&+e
$alance., >artner' are '++&c&ently 'poo1ed $y cl&ent' not retrn&n! the&r call' or pay&n!
the&r $&ll' late that they(re 'omewhat le'' l&1ely to +oment tro$le at the partner'h&p
comm&ttee or to +&nd a more lcrat&ve po'&t&on at a r&val +&rm. 4+ layo++' cont&ne% +&rm'
w&ll have a deeper pool o+ talent to '&+t thro!h% +rther &mprov&n! the&r hand ?tho!h
1eep &n m&nd that even &n a downtrn% other +&rm' aren(t throw&n! the&r $e't and $r&!hte't
over$oard= the &n&t&al +ree-a!ent pool o+ lawyer' &' !o&n! to $ear a certa&n re'em$lance to
the wa&ver w&re@.
Aere(' how the nw&'e +&rm' are !o&n! to re'pond: they(ll 'e&Be th&' opportn&ty $y the
nec1 and tw&'t &t. <hey(ll +ollow the herd and 'la'h a''oc&ate ran1' &n order to pre'erve
partner'h&p pro+&t'% repeat&n! the 'ame m&'ta1e' they ma1e every downtrn C cll&n!
a''oc&ate' o+ a certa&n year o+ call% $emoan&n! &t year' later when t&me' &mprove and they
have to overpay +or talent. <hey(ll delay 'tart date' and +orce a hard l&ne on 'alar&e'%
$ene+&t' and +le2&$&l&ty% ta1&n! ma2&mm advanta!e o+ the&r po'&t&on to rea''ert control
over tho'e p'tart a''oc&ate'. <he re'lt' w&ll $e pred&cta$le: 'hort-term 'ta$&l&ty% $t
lon!-term dama!e &n term' o+ employee morale% recr&tment reptat&on% and m&''ed
opportn&t&e' to ma1e a real &nve'tment &n +tre talent.
Aere(' what the 'marter +&rm' w&ll do: ta1e th&' opportn&ty to have that conver'at&on
a$ot mean&n!+l talent development% the one they coldn(t have when the mar1et wa'
overheated and errat&c. <hey(ll re+&ne the&r cr&ter&a +or a''e''&n! the mo't prom&'&n!
+tre lawyer'% mov&n! away +rom 'chool reptat&on and cla'' ran1 and toward' Dal&t&e'
l&1e leader'h&p% &nnovat&on% commn&cat&on and teamwor1. <hey(ll &dent&+y the lawyer'
they really want to 1eep and &mpre'' them $y ma1&n! lon!-term comm&tment' at the
e2act moment the mar1et allow' them to e2plo&t tho'e lawyer'. <hey(ll 'et p or &mprove
tra&n&n! and mentor&n! pro!ram' +or all the&r lawyer'. .nd they(ll loo1 at way' to
re+ormlate a''oc&ate $&ll&n! and compen'at&on method' that $ene+&t the&r hard-pre''ed
cl&ent'.
Aow a$ot the lawyer' them'elve'- <hey(re on the 'horter end o+ the 't&c1% e'pec&ally the
recent !radate' w&th heavy de$t load' and narrow&n! opt&on'. <he nw&'e one' w&ll
+or'a1e all tho!ht o+ the&r med&m- and lon!-term career &ntere't' &n a +l&!ht to 'a+ety=
&.e.% ta1&n! whatever opportn&t&e' w&th the mo't pre't&!&o' ava&la$le name that 'eem' to
del&ver the 'trd&e't 'helter +rom the 'torm. <hey(ll 'acr&+&ce tra&n&n! and networ1&n!
opportn&t&e' &n le'' remnerat&ve or 'eem&n!ly le'' 'ecre ent&t&e' &n order to per+orm
!rnt wor1 +or a' lon! a' they need to. 4 don(t mean to m&n&m&Be the challen!e' +aced $y
de$tor' at a t&me when $an1' are &n a no-non'en'e mood% $t &+ there(' any way lawyer'
can avo&d th&' approach wh&le al'o 'tay&n! one 'tep ahead o+ the Eepo Fepot% they 'hold
try.
Aere(' what the $raver 'ol' w&ll do: v&ew th&' trn o+ event' a' an opportn&ty to +a'h&on
a more appropr&ate career path. <hey(ll ta1e wor1 to pay the&r $&ll'% o+ cor'e= $t they(ll
al'o ma1e a comm&tment to +&!r&n! ot 0't what 1&nd o+ career attract' them and $e't
+&t' the&r '1&ll' and &ntere't'. <hey(ll &nve't&!ate more +le2&$le employment opt&on' alon!
the l&ne' o+ .2&om GG: or H&rtal Gaw >artner'. 4n 'hort% they(ll re'&'t the r!e to 'tart
each day pan&c-'tr&c1en% $t w&ll &n'tead v&ew the 0o$ mar1et w&th cool determ&nat&on to
do what(' r&!ht +or them C not 0't today% $t al'o &n 2010% and &n 2018.
6hen $&! law +&rm' were pay&n! lawyer' r&d&clo' amont' o+ money to wor1 &n e2ot&c
locale'% &t wa' the le!al mar1etplace eD&valent o+ the o++er yo coldn(t re+'e. 5any
new lawyer' pr&vately ac1nowled!ed that they only too1 the'e n&n'p&r&n! 0o$' $eca'e
they coldn(t trn down money l&1e that% and +a&r eno!h. Bt now that the *160%000
pre''re &' !one% &t may $e help+l to reco!n&Be &t +or what &t wa': ne!at&ve pre''re.
Gawyer'( 0o$ opt&on' are narrow&n!= $t 4 th&n1% &n the lon! rn% the re'lt w&ll $e that
the&r career opt&on' are actally $roaden&n!.
<he +nny th&n! a$ot $oom t&me' &' that they redce the &ncent&ve to &nnovate and th&n1
d&++erently= when yor $oat &' a l2ry yacht% why roc1 &t- Bt when the economy !oe'
$adly% &ron&cally eno!h% that(' e2actly the r&!ht t&me to 'ha1e loo'e +rom old ha$&t' and
try 'ometh&n! d&++erent. <he e2act t&me when yo mo't de'&re 'ecr&ty m&!ht 0't $e the
e2act t&me to +or'a1e &t.
3e&ther law +&rm' nor lawyer' ?to 'ay noth&n! o+ cl&ent'@ really $ene+&tted +rom the 'alary
war'% $eca'e the lre o+ more and more money wa' l&1e a dr! they coldn(t a$andon%
&mpo'&n! r&!&d th&n1&n! and d&'cora!&n! tal1 o+ &nnovat&on. 3ow% tho!h% $oth
employer' and employee' can come $ac1 to real&ty. .nd &n the lon! rn% &+ they approach
&t r&!ht% $oth w&ll $e $etter o++.