Practice Development Counsel

A large cohort of baby boomers is approaching traditional retirement age.
Some firms/organizations have mandatory retirement age requirements. They can be strict, flexible, observed or not; leading to special circumstances and favoritism claims.
Younger partners want to assume more authority and client responsibilities and receive more credit.
Older partners feel pushed out and feel undervalued for their wisdom, maturity, judgment, experience and history of contribution.
There is an age gap in some firms that stopped hiring younger professionals and laid off many during poor economic times.
Establishing tiers of non-equity partners created a substantial mass of partners not required to develop the skills for major client responsibilities and senior management positions.
The lateral hiring craze has created a mix of cultures and partners who don't want to retain older partners and continue their compensation at expected levels.
Most firms are not giving enough attention and resources to professional development of younger professionals so that they will be qualified and experienced enough to shoulder the responsibilities of a fully mature and responsible partner.
Increasingly firms are being confronted with age discrimination claims.
There are few policies for flexibility on hours and non-billable responsibilities for senior partners.

© Phyllis Weiss Haserot, 2006

tel: 212 593-1549
fax: 212 980-7940