Articles: Multi-Generational Solutions Archives
10 Issues Of Aging Partners, Ageisim, And Discrimination
- 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..
10/2006