HBR Staff/AI
Professional services firms such as blue-chip law firms and management consultancies have long relied on a simple talent strategy: hire large amounts of eager and capable young associates to do the “heavy lifting” at the firm, freeing up partners and other senior staff to sell new work and set strategy. These associates would then be winnowed out over time. They either moved on to other work (often the firm’s clients), burned out or dropped out because of the firms’ traditionally unsupportive family-leave policies, or, in rare cases, continued to a life-long career at the firm. At the time of their hiring, rarely would any of these young associates be assessed for their future potential to become partners. With such a numbers game based on high attrition, there was no need: Professional services count on large entry-level pools to eventually yield just a few partners, roughly one or two per 100 at the prestige firms.