In 2021, record-breaking mergers led to the first post-pandemic recovery. The global mergers and acquisitions reached a record-breaking 1.52 trillion dollars in Q3, while U.S. activity increased by 32% to $581 billion. The news was great for the economy but also business. It meant that lawyers had a lot to do.

This might sound like a positive thing. M&A work is challenging, fast-paced, and involves high stakes. Even under ideal circumstances, the unprecedented volume of deals combined with the demanding nature of the work would overwhelm law firms. Right now, law firms’ conditions could be better. Law firms are struggling to cope with the number of transactions and the fact that talent in law firms is scarce.

Where can we find all the M&A attorneys that we need?

The legal industry is facing particularly tough competition for talent. It takes work for recruiters to find associates who can help meet the demand. The next problem arises after the law firms have acquired that talent. Not only is it challenging to find talented lawyers, but keeping them in the firm has become even more challenging.

According to a recent study, 25% of women and 17% of male lawyers have considered quitting the legal profession entirely due to mental health issues, burnout, or stress.

What can law firms do to retain and attract lawyers?

There are several ways to attract the best talent, even though individual lists vary.

The best technology

It is important to note that the benefits of using the correct legal research technology are twofold. It’s an obvious draw for new lawyers. They are used to technology, as they have been using it in law school. It’s essential to offer an impressive technology suite. This will help your firm stand out amongst candidates.

Legal research technology can also benefit the existing lawyers in your firm. The increased M&A deals mean that your lawyers will be stretched to the limit. Your new associates need to be ready to help with arrangements right away. This means that they will need to be trained. You and your colleagues may be so busy that the training feels more like a burden.

Practical Law can help your new employees get up to speed fast. You can be confident that the due diligence or asset acquisitions toolkit will provide your new associates with the most accurate and up-to-date legal information relevant to your M&A transactions. These resources are easy to use and include checklists, standard documentation, and practice notes that guide your associates through the M&A process.

Work-life balance is a priority.

Work-life balance is a priority for the younger generation, which includes legal associates. Although this concept was unattainable for law firms until recently, it has become a critical factor in recruiting associates. The right tools will allow your associates to work anywhere and everywhere, whether in a hybrid work environment, fully remote work arrangements, or just flexibility with their workspace.

Practical Law will give your associates the confidence to do their job well. The associates won’t rely solely on experienced attorneys to teach them the ropes. They will help you close and sign your mergers and acquisitions, whether they are local or distant. Offering a work-life balance similar to this will attract the best candidates.

Prepare for the next business boom.

What’s next for M&A? What about next year? You can try to predict the future as best, but the world will always surprise you. Learn how Practical Law will help you and your colleagues be ready for anything that comes your way.