"The costs associated with recruiting and training new legal team members often outweigh compensation-related expenses for existing staff," Volkert added. "Firms with leaner budgets might offer non-monetary incentives, such as additional time off, flexible scheduling or telecommuting, as a way to improve employee satisfaction and reward hard work while also helping their organization's bottom line." 

To retain valued staff, Volkert also suggested employer do the following:

Promote professional learning. "By emphasizing training, organizations demonstrate they support the long-term success of their staff. Cost-effective ideas include supporting mentor relationships and online classes," he said.

Provide well-defined career paths. "Challenging assignments enhance employee job satisfaction and also serve to identify future leaders. Consider how tasks might be reassigned to advance someone's career goals."

Emphasize your firm's culture. "Remind employees about those aspects of your work environment that are hard to find elsewhere," Volk suggests.

Publicly praise contributions. Volkert says, "Appreciation and recognition can go a long way to foster loyalty. Publicly acknowledge individual and team successes to let employees know their efforts are appreciated."