The aging workforce poses risks for every business – and law firms are hardly an exception. The vast majority of managing partners are baby boomers, age 52 to 71. Are you prepared for upcoming decades? It’s not easy.
“Our profession is a dinosaur,” one young associate said recently. Yikes. I believe a multi-generational approach can help law firms immensely. It’s especially important since clients seem to be getting younger. The average age of in-house counsel is 44 and falling according to the Association of Corporate Counsel (ACC).
Approximately 97 percent of managing partners in the nation’s top 100 law firms are baby boomers or older. If you include non-equity partners in the sample, nearly half of Am Law partners are 52 or older. Age not a problem as long as partners are systematically sharing control and investing in the future.
Research shows firms are struggling to adapt to changes. That means firms could be in jeopardy. “Some law firms could crumble after this generation because they don’t have a lot to sell to the next generation,” Indiana University law professor William Henderson told the New York Times.
I address these concerns directly in a new webinar for lawyers and law firm leaders, “Multi-Generational Approach to Drive Firm Growth.”
- Changing law firm demographics.
- Adaptation challenges.
- Millennial mindsets.
- And action plans to help companies retain clients, innovate and grow business.
It’s really about creating a culture where every generation plays a meaningful role in the firm. And the firm plays a meaningful role in every lawyer’s career. One of my favorite quotes from Peter Drucker says it all: culture eats strategy for breakfast.
Give it a listen and let me know your thoughts.