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Baby-Boomer Partners In Transition
The ranks of law firm partnerships include tens of thousands of “baby-boomer” partners (BBPs), born between 1945 and 1955. These attorneys are now ages 50-60. Surprisingly, little has been written about the expectations and needs of BBPs or the expectations, needs and strategies (if any exist) of their law firms and fellow partners as to BBPs. (Your author falls into both camps: he is age 55 and is actively involved in the administration of a large multi-state law firm.) Moreover, law firm partners both younger and older than their BBPs may be substantially affected by their law firm's strategies for and treatment of the baby-boomer generation.
This two-part article illustrates the expectations, intentions – and tensions – of baby-boomers and their firms, respectively, by using two models. Of course, there can be as many variants as there are BBPs, with numerous potential responses to each unique situation.
Let's begin with Model 1, which involves Partner A, a full-share BBP equity partner who is a classic business generator with a substantial clientele in X, a modest or mid-sized law firm. “A” is a litigation lawyer, experienced and respected by A's colleagues and the community. Over the years, A's friends have become A's clients and A's clients have become A's friends; other than business-generating and business-related activities (many of which A enjoys), A has few hobbies or diversions. A is 58, and has given little thought to retirement. Indeed, A resists even thinking about transitioning clients and retirement for the foreseeable future.
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