Part-funded MBAs keeping lawyers content in roles
A number of the Silver and Magic Circle law firms are offering to part fund MBAs as a method of retaining their top performers, according to recruitment firm Legal Professionals.
The legal recruitment specialist revealed that firms have become increasingly creative with their retention methods in an effort to prevent talent with three to five years’ experience from moving on. One way of doing this is to tap into the growing trend of some lawyers who are looking to develop wider business skills. This is, in turn, reflected in the number of business schools, such as Desautels Faculty of Management at McGill University, who have developed MBAs specifically geared at lawyers.
Grace Gibson, Legal Manager at Legal Professionals commented on the trend. “Many of the larger law firms have struggled with a shortage of talent as a result of a reduced intake of graduates during the economic downturn and offering part-funded MBAs is one of the more creative methods that they are adopting. When Lawyers reach mid-level (3-5 years PQE) they suddenly have a myriad of employment options available to them both in-house and at competitor firms, which can easily turn many heads. Some Lawyers simply want the chance to do something different and their employers are supporting them by part funding MBA courses. Many of the firms still choose to offer more traditional counter offers such as the chance to work flexibly or by boosting salaries, but these generally don’t have a significant impact if the individual has already chosen to move on.”
“Of course, offering to part fund these courses does benefit the firms as well. They gain from the improved skill sets and increased commercial understanding that their employees can gather from undertaking an MBA. Obviously technical skills are still highly sought after, but the world has moved on, and professionals with serious managerial aspirations are likely to see the benefit in undertaking an MBA programme.”
This press release was distributed by ResponseSource Press Release Wire on behalf of BlueSky Public Relations Ltd in the following categories: Business & Finance, Education & Human Resources, Public Sector, Third Sector & Legal, for more information visit https://pressreleasewire.responsesource.com/about.