News about Sullivan & Cromwell’s charm offensive to increase their associate retention rates is a reminder how even firms in the “Top 5" tier are acutely vulnerable to the broken telephone of bad publicity. That S&C would pull a page from the Clifford Chance book on dealing with associate unrest (i.e., let’s pro-actively publicize the problem – as well as our response) speaks volumes about how even this august firm feels the competitive pressure in recruiting and keeping the best of the best. It’s a smart move. Sullivan & Cromwell gets its name publicized as supposedly big and unfeeling law firm getting in touch with its nurturing side. Let’s leave aside the small fact that the inflated associate attrition numbers mentioned in the article are more then likely a direct result dramatic rises in lateral hiring rates – particularly amongst the banks and investment houses where associates of S&C caliber tend to go. Since S&C did not let anyone go during the recession (and notoriously, kept junior corporate associates busy working on document production work generated by the litigation group) there was clearly a tremendous amount of pent-up demand amongst those who would have moved on anyway. Meaning that the attrition numbers are a blip. (Didn’t they know this??) But let’s credit S&C for demonstrating how to make the best out of bad news. Just another firm? Not quite!
