The Business Case for Lawyer Well-Being By JUDGE STEVEN C. HORNSBY, (RET.) J.D., C.L.C. CINDY PENSONEAU, J.D., Y.T.T
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his is not the usual article about lawyer well-being, we promise. If you are interested in your firm’s performance, client satisfaction, and financial success, keep reading. If you are concerned with preventing malpractice claims, reducing employee turnover, and building a positive reputation, this article is for you.
Let’s cut to the chase, shall we? On the asset side of your firm’s balance sheet, there is a variety of line items for tangible and intangible assets like real property, equipment, furniture, accounts receivable, goodwill, and more. But where is the line item for the largest revenuegenerating asset in your firm, i.e., the human beings?
Fact: The most valuable asset in a law firm is its people. Oddly, and too commonly, the legal profession seems to fail to understand the significance of this simple fact. Many major companies in the business world are ahead of us by several decades by offering opportunities for wellbeing and professional development. Why? They realize that investing in the personal effectiveness of their people pays big dividends. Fostering a culture of professional development and personal well-being helps recruit and retain employees, improve performance, reduce losses, and promote future growth. The practice of law is a demanding profession with high expectations for legal practitioners. Like professional athletes, lawyers are required to possess a high level of competence and fitness to engage in the profession, and that fitness must be continually developed and maintained. And as professional athletes know, fitness requires not only physical conditioning, but also mental and emotional health, as well as the social needs for being part of a positive team culture. When these elements are present, the conditions are right for both the lawyer and firm to thrive. 6
Fact: Continual personal growth and professional development, along with being part of a positive work culture is the right combination for success. There is growing recognition that the legal profession can – and should - do more to provide opportunities for well-being and professional development. Studies have shown extremely high rates of burnout, anxiety, depression, addiction and suicide among lawyers compared to other professions. In fact, the rates are so alarming that the ABA has declared our profession to be in a state of crisis and is encouraging law firms to make lawyer well-being a top priority. The comprehensive report “Path to Lawyer WellBeing: Practical Recommendations for Positive Change” and “Well-Being Toolkit for Lawyers and Legal Employers” (2017) highlight three salient points about why it is important to focus on lawyer well-being: 1. It’s good for business. Any organization, including law firms, are most successful when its’ people are healthy, happy and thriving. Engagement and performance improve while absenteeism and turnover rates decrease. Firms that value and invest in their people
