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Senior Counsel Programs, or, Older is Looking Younger To Me All the Time
As the wave of baby boomers that swept into the legal profession in the early 1970s and '80s approach middle age and retirement, the managers, colleagues and cultures of their law firms need to prepare for a rising tide of phase-downs and retirements – and respond to those individuals who may be resistant to either.
The issues surrounding phase-downs and retirements ' both for the individuals and the law firms they call home ' are complex, usually challenging and sometimes emotional. Addressing these issues is unlikely to get easier with volume. Moreover, the hard-driving work ethic which characterizes the baby boomer generation and helped foster the 2000-plus billable hour standard in many firms, makes it less likely that the legion of lawyers in our generation will go quietly into the night. And as long as they are productive contributors, should they necessarily go ' or be quiet?
This article is a compilation of lessons learned by Altman Weil in planning and structuring of counsel and senior counsel programs, including some thoughts on effective compensation approaches. It is based on real-world consulting experience with numerous law firms, and is intended to provide a practical introduction to concepts and approaches proven to work well, rather than attempting to cover the complete spectrum of possible senior partner, senior counsel or of counsel programs.
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