How to attract top legal talent to your financial services organisation

The legal recruitment market in 2023 is one of the most competitive I have seen. Law firms are sweeping up the best and brightest in the industry, persuading them with high compensation packages. We have recently talked about the future of in-house legal for 2021. Those recruiting for in-house talent are keen to compete and prove they are the best route for legal talent to take, despite being less lucrative. As companies adapt to changes in workforce attitudes, attracting and retaining talent are a top priority.

As a result, many of my clients, who consist of top financial services firms, are asking the same question: 

What can we do to attract top talent?

This seems to be one of the most frequent questions on my client's lips going into the New Year. To answer this question, we have helpfully compiled a list of different considerations you must make to ensure your business is securing the best legal talent for 2023.  

Offering competitive compensation 

While in-house legal teams may not be able to match the salaries offered by law firms, they can still offer competitive compensation packages that include base salary, bonuses, benefits, and other benefits. This can help attract top talent who are looking for a good balance of compensation and career opportunities. 

Have a great work environment 

The lawyer burn out rate is especially high for young lawyers. In-house teams can create a positive and supportive work environment that is conducive to career growth and development. This can include things like flexible work arrangements, opportunities for training and development, and a positive and collaborative culture. These benefits will help to alleviate feelings of burnout.

Offering interesting and challenging work 

Having an in-house legal team can be an exciting and challenging experience that can provide opportunities for learning and growth. This can include working on high-profile projects, collaborating with other teams and departments, and taking on added responsibilities and challenges. 

Providing opportunities for career advancement 

There are many career advancement opportunities available within in-house legal departments, including promotions, lateral moves, and leadership positions. This can help attract top talent who are looking for opportunities to advance their careers and take on new challenges. 

Focus on the value proposition 

It is important for in-house legal teams to emphasise the benefits and opportunities they provide to candidates as a part of the value proposition. This can include things like competitive compensation, a compelling company culture, interesting and challenging work, and opportunities for career advancement. By highlighting the value, they offer, in-house legal teams can differentiate themselves from firms and compete for top talent.    

Leverage your brand reputation

It is important for in-house legal teams to leverage their brand and reputation to attract the best talent. This can include things like highlighting the company's mission and values, highlighting the company's record of accomplishment and achievements, and emphasizing the positive impact the company has on its employees and the broader community. By building a strong and positive brand, in-house legal teams can attract top talent who are looking for a rewarding and fulfilling career. 

Engage with the broader legal community 

In-house legal teams should engage with the broader legal community, including law schools, professional associations, and other organizations. This can help in-house legal teams build relationships with top talent and highlight the opportunities and benefits they offer. By engaging with the broader legal community, in-house legal teams can attract top talent who are looking for new and exciting opportunities. 

Invest in training and development 

 To attract top talent, in-house legal teams should invest in training and development. This can include things like supplying training on the latest legal trends and developments, offering opportunities for mentorship and coaching, and supporting employees who want to pursue advanced degrees or professional. For some lawyers, moving in-house is an attractive option due to the better work-life balance and possible more relaxed business culture. Particularly FinTech companies are attractive to those considering leaving private. 

As a result of The Great Resignation, workers priorities have been re-evaluated around the world, prompting law firms to adjust to recruit and retain talent. Law firms should consider how they can accommodate these changes to get ahead in the legal industry. Overall, in-house legal teams can attract top talent by offering competitive compensation, a great work environment, interesting and challenging work, and opportunities for career advancement.     

How Marks Sattin can help you build top in-house legal teams 

At Marks Sattin, our legal recruitment consultants make sure to keep abreast of the latest trends in their markets, whether that's private equity, M&A, banking, or Fintech. As a specialist recruitment and executive search firm with over 30 years’ experience, we have helped many professionals find their next exciting opportunity, whether that is within global organisations or growing SMEs. Search for your next legal job, or register your details to shortlist jobs and sign up for job alerts, so you are the first to hear about our latest opportunities. 

If you are looking to hire into your in-house legal team, or would like to make the move from private practice to In-House, please contact me via email angus.denny@markssattin.com or call 07938 938 636