Staff turnover costs the legal sector £805 million per year, according to new research

Staff turnover is costing the legal sector £805 million per year, or nearly £40,000 per employee, according to new research commissioned by income protection specialists, Unum.

The money spent includes the cost of hiring and training new staff to bring them up to the same level of productivity as their more established colleagues. Unum has contended that this highlights the importance of staff retention, especially following recent years of economic difficulties around the world.

Linda Smith, Unum’s HR director, said: "This report reveals a stark cost implication for legal firms dealing with staff turnover. While the logistical cost of replacing an employee will probably come as no surprise to businesses, the financial impact of having replacement workers learn the ropes is probably a cost that legal firms have not before considered. […P]eople stay with companies that demonstrate they value - and care for - their employees."