Shocking survey results out of PwC today as the firm announced that overworking staff increases turnover at law firms. If you can believe that.
There is a “strong correlation” between staff turnover and chargeable hours at law firms, according to PricewaterhouseCoopers.
Numbers released as part of their annual survey of the sector show that the top ten law firms have average turnover rates of 17-18%.
According to the accountancy firm, reducing turnover to less than 10% can reduce costs by £32,000 per equity partner.
In semi-ironic and related news, a bunch of bitter Big 4 employees finally decided over the Thanksgiving holiday that they would be leaving their respective firms because they are sick of the hours.