It’s official: lawyers are trending. According to the Government of Canada’s Official Job Bank, there will be an estimated 40,000 new job openings for lawyers in the next decade. If you’re among the reported 84% of legal recruiters who’ve had difficulty filling current positions,1 you might want to start thinking about the little things you can do to make your firm stand out. Two surefire ways to attract Canada’s best and brightest legal brains are by offering a comprehensive benefits package and a pension plan, or even up-sizing your existing perks.
Where to start? Here’s what to consider when choosing a strategy that’s both comprehensive and specific to the needs of your team.
UNPACKING THE BENEFITS PACKAGE
The foundation of an employee attraction and retention strategy includes retirement savings, life insurance, disability insurance, and an extended healthcare plan that covers dental cleanings, eyeglasses, and paramedical services like massage therapy. These are the kinds of things most job seekers in the legal market will expect from an employer — and for good reason. Insurance gives your employees peace of mind that sudden medical or personal events won’t interfere with their financial stability. Retirement savings plans (either in the form of a pension or a group RRSP) help establish a solid foundation for your employees’ future. By providing these programs, you’re alleviating some of the stress that can keep people from bringing their best selves to work.
Traditionally, these types of benefits were only available at scale — leaving smaller firms out. Lawyers Financial sponsors a defined benefit pension plan for incorporated solo practitioners all the way up to firms of 100+ employees and an employee benefits plan that allow firms of anywhere from 3-20 employees access to the type of program usually reserved for their larger counterparts.
PROTECTING THE PROFESSION
One-size-fits-all benefits packages often work for no one. That’s why it makes sense to partner with a team of experts who understand the specific needs of lawyers.
Retirement age is one example. Since many lawyers don’t retire at 65 like most Canadians, your staff will be glad to know that there’s no age cap on Lawyers Financial extended healthcare benefits. Your team is covered for as long as they’re employed.
We also understand that for many, being a lawyer isn’t just what you do, it’s who you are. And for those whose profession is infused with their passion, it’s important to find a disability insurance policy that understands the gravity of what it would mean to no longer be able to work. With the disability insurance portion of your Lawyers Financial employee benefits plan, eligible lawyers and notaries may receive benefits up to age 65 if they’re unable to practice law, even if they can work in another profession.
INNOVATE TO YOUR ADVANTAGE
Sounds so far like a whole lot of paperwork? You’ll be happy to hear that when it comes to the kind of perks that’ll make your firm stand out among prospective hires, it’s not all about insurance policies and savings plans. With recent pushes to advocate for mental healthcare and work/life balance within the legal profession, Canadian law firms are increasingly invested in the mental well-being of their workforce. This means that initiatives like hybrid work schedules and self-funded wellness plans are gaining in popularity. Get creative. From flexible hours to bringing your pets to the office, what would you need to be the most focused and motivated version of yourself?
WE CAN HELP
Talk to a team of experts about an employee attraction and retention strategy that can grow with your firm. Ask a group account manager about a plan that will reward your team and respect your budget. And ask a pension specialist about a defined benefit pension plan that’s guaranteed for life.
BOOK AN EMPLOYEE BENEFITS MEETING
BOOK A PENSION MEETING
Source: 1. Canadian Lawyer Magazine, “Legal labour market still tight with more demand for contract workers, finds recruiter survey,” March 8, 2023. | ↩