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Baby-Boomers in Transition
Much has been written about the popular culture of the “baby-boom” generation (those born in the post WWII era and now in their 50s-60s), but not much about that age group in law firms and how to take them into account in long-term firm strategy. Part One of this article looked at a model (Model 1) with Partner A ' a full-share equity “baby-boomer” partner (BBP) and rainmaker with a substantial client base. Part Two looks at a BBP who is well-respected, and while not a great business generator, has technical skill.
Winding Down
Model 2 involves B, a partner who is not a business generator but has technical skills who serves clients in Y, a mid or large-sized law firm. B is a 55-year-old (non-litigation) lawyer, respected by colleagues and Y's clients. Over the years, B has actively participated in local bar association and business/community groups; on occasion B has written legal articles and given law-related speeches. B has given little thought to retirement. B's practice requires constant re-education as to changing laws, rules, regulations and cases. The practice area is complex, and B recognizes that it is becoming a “young person's game.” B's hours have decreased somewhat in recent years, as Y's younger business-generating partners tend to use their younger Y colleagues for assistance. Some clients that B services are prime candidates for sale, merger or acquisition; if such occurs, B's workload may be further reduced in the future. For these and other reasons Y's managing partners have concluded B is unlikely to be practicing in this area of law 10 years from now on a full-time basis. B is not laterally mobile and has limited prospects for employment at a comparably sized and comparably-profitable law firm, at or near his current income level.
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