Legal Business article quotes Edwards Gibson Director in: “Laws of Attraction – How Elite Firms Are Ramping Up Their Talent Retention Tactics”.

Legal Business featured Edwards Gibson’s research and insights in its recent article, “Laws of Attraction – How Elite Firms Are Ramping Up Their Talent Retention Tactics,” by Elisha Juttla. The article delves into the growing challenges faced by elite law firms in retaining top talent amid increasing lateral partner movement and fierce competition in the market.

Edwards Gibson's data revealed that 2023 recorded the highest-ever number of lateral partner moves in London (until 2024), with 510 transitions, a trend that has continued well into 2024. This surge in movement has driven firms to adopt defensive strategies, such as introducing salaried partner roles, revising exit terms, and overhauling partner pay structures to prevent talent attrition.

Scott Gibson, Director at Edwards Gibson, was quoted in the article, highlighting how even the most prestigious and profitable firms are being forced to rethink their compensation and retention strategies to stay competitive. He noted that firms are increasingly focusing on strategic adjustments to their remuneration models in order to secure and incentivize top performers in an evolving legal market.

The article further explores how firms are adapting to these market dynamics by investing in long-term talent retention plans, ensuring they remain attractive destinations for high-performing partners amid heightened competition from US and boutique firms.

Read the online version of the Legal Business article (paywall) here.