New Study from Embroker
REPORT: 500+ attorneys weighed in on the biggest risks facing their firms and the industry today. If you’re not worried, maybe you should be.
Download Embroker’s Report on What Do Lawyers Fear Most? for insights like:
- Top risks to law firm practices of every size
- The type of lawsuits attorneys fear
- Security breaches are a very real threat
- Talent acquisition continues to cause issues
Lawyers take risks every day. It’s part of what makes you so successful as an attorney. You swing big, you win big. But the occupation comes with some hazards. A recent study of more than 500 lawyers revealed that the group isn’t entirely fearless.
What do lawyers fear most? Read on for the answers.
Sneak Peak: What Do Lawyers Fear Most?
Embroker surveyed more than 500 law firms, from solo practitioners to partners of the largest firms in the US. We wanted to know what strikes fear into even the most confident of lawyers, what risks are looming in the field of law and must be addressed.
What we discovered was more than what do lawyers fear most. What we found was a hidden world of malpractice lawsuits, cybersecurity breaches, and reputations too important to allow them to unfold.
“Acquiring and retaining talent is a high risk to future profitability.”
Law firms are not immune to the Great Resignation, notably the resulting shortage of talent in the industry. What’s more, law firms fear they can’t compete with market salaries and perks, making retention of attorneys a difficult obstacle to overcome.
Still, what do lawyers fear most when it comes to resignations? The three most pressing fears include:
- The loss of experienced talent
When a lawyer resigns, they take with them all the years of experience and expertise they have built up at the firm. This can be a huge blow to a law firm, and you may have to start from scratch to find a replacement.
- The impact on morale
The resignation of a lawyer can also have a negative impact on the morale of other lawyers at the firm. Other attorneys feel like they are not valued or appreciated by the firm.
- The financial implications
Finally, the resignation of a lawyer can also have financial implications for a law firm. The law firm may have to incur additional costs to find and train a replacement, as well as lost revenue from the lawyer’s absence.
Retaining top talent is crucial for law firms looking to minimize these risks and ensure success in the long term.
“Moratoriums and business interruption due to Covid.”
While the legal world needed time to adjust to remote work—from courtrooms to depositions—attorneys have lingering fears over Covid and other potential business interruptions. Any slowdowns result in potential profit, client, and case losses.
For small firms or attorneys working solo, the threat is even greater. You may not have the financial resources or network to survive a prolonged disruption, making it all the more important to take proactive steps to manage risk and mitigate loss.
Some of the key fears that lawyers have when it comes to Covid and other business interruptions include concerns over client retention, revenue losses, case disruptions, and damage to professional reputation.