New brooms, change in the Leadership team, mergers, acquisitions, re-structuring, promotions, de-equitising, DRA appear to be focusing on moving older partners (and now that means anyone over 50) out of equity – and out of the firm. Is this the right way to manage performance, contribution and reward? Is there a better or different way to do this so that those who have contributed to the firm over 20, 30 or more years can remain within the fold, become part of the Alumni well into their 70s, reflecting the value they can bring to the firm?
The US appear to have a greater acceptance that some lawyers will just keep going – (See The New York Times) – which may be a bit extreme (a bit like Pimilico Plumbers, London, with their 99 year old maintenance man) but is there some middle path that can be struck?
We are developing a ground breaking approach to start the career management discussions with your highest performers from the age of 45 onwards. Through a structured approach covering the firm’s strategy, in particular by practice area and/or sector, plus the individual partner’s network, interests, passions and goals, aligning these to health and wealth management we help you ensure that there are open and practical discussions that map futures through to 70.
This isn’t for everyone and indeed there are Managing Partners who are too busy to look after their own careers (let alone their fellow partners) – and so become vulnerable to the night of the long knives! Without a keen self awareness too many partners have an over inflated view of their value – and have a very uncomfortable bump as they fall off the cliff – and find themselves out in the cold.
Why wait – why not get ahead and get into control!
Read 'Easing Out the Gray-Haired. Or Not'