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Streetwise Lexpert roundup: Seeking wellness for lawyers, student recruitment, on retention

Lexpert Roundup on the Business of Law

Lexpert identifies and reports on emerging business issues and practice areas in the business of law. Whether online, in our magazine or in the DealsWire e-newsletter, we chronicle deals and lawsuits of interest, and cover issues of broad concern to the legal profession and those who purchase legal services. We hope you enjoy this sampling of our latest content.

Seeking wellness for lawyers

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Today, much of corporate Canada is stepping up to the plate to promote mental health and sponsor related programs; this includes major companies such as TELUS and Bell Canada, and the large professional consultancy firms. Corporate legal departments, law societies and bar associations are following suit, which is welcome news.

Student recruitment

What are the skills students and young professionals need to acquire to prepare for a brave new workplace? Accounting, financial statement analysis and corporate finance are now considered valuable skills for law students and young corporate lawyers, as are business skills. And knowledge of machine-learning technologies and skills in analyzing data will also become increasingly important in an AI-driven world.

On retention

For law students, September brings more than the anxiety of a new academic year; it also brings the palpable stress of on-campus Interviews, during which students attempt to land coveted jobs at elite law firms. But given the value and importance placed on these jobs, it is surprising that law firms have such high attrition rates for new lawyers. New law graduate Aly R. Háji examines the reasons for that in our Change Agent column.

Four questions for legal sourcing

The trade organization Buying Legal Council recently released the results of its 2018 survey of the purchasing behavior of 153 legal procurement professionals. The survey found the three most effective techniques to deliver value in legal services procurement were the “pre-matter scoping” of work, the negotiation of AFAs, and the creation of panels or lists of preferred firms, writes Law Departments columnist Richard Stock.

Follow @Lexpert on Twitter. Lexpert is published by Thomson Reuters.

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