In today’s dynamic legal landscape, many attorneys are choosing to extend their careers well into their 60s and beyond. The notion that retirement is the only option after a certain age is becoming obsolete. More than ever, firms recognize the immense value that seasoned attorneys bring—deep industry knowledge, well-established client relationships, and the ability to mentor the next generation of legal professionals. These assets make senior attorneys indispensable, not just to their firms but to the legal profession as a whole.
However, despite their contributions, many senior partners begin to sense a shift in how they are perceived within their firms. Some find themselves gradually sidelined, their roles diminished, and their influence reduced. The outdated belief that attorneys over 60 have less to offer in terms of business development and firm growth still lingers, leading some to consider premature retirement. But the truth is, now is the perfect time for senior attorneys to explore new opportunities. Many firms, particularly in competitive markets like Metro New York, actively seek experienced partners who can bring their books of business and leadership experience with them. The stigma surrounding age in the legal profession is fading, replaced by a growing demand for proven talent.
Recent research highlights the growing presence of seasoned legal professionals in top law firms. While exact figures vary, studies indicate that a significant percentage of partners in Am Law 200 firms are over 60, reflecting the industry’s reliance on experienced lawyers. Additionally, a 2023 Major, Lindsey & Africa survey suggests that many lateral partners successfully expand their client base after transitioning to a new firm, reinforcing the viability of career moves later in life.
Challenging Age-Related Stigmas
A persistent stigma suggests that after 60, professionals have diminished relevance in the workplace. However, this notion is increasingly being debunked. Top attorneys should not feel compelled to retire solely based on age. In regions like Metro New York, there’s a growing interest in senior partners, recognizing the depth of experience and client relationships they bring.
Many law firms are now reassessing outdated retirement policies and acknowledging that senior attorneys offer more than just legal expertise. They bring stability, institutional knowledge, and business acumen. As firms compete to attract and retain top talent, those that dismiss experienced attorneys may find themselves at a disadvantage. A report from Leopard Solutions noted that firms that integrate senior attorneys into leadership roles experience a 15% increase in revenue compared to those that rely solely on younger partners.
In addition to the business case for retaining senior attorneys, there is also a cultural shift occurring in the legal industry. Younger attorneys are increasingly looking for mentors who can provide insight beyond what is taught in law school or learned in the early years of practice. The presence of senior attorneys fosters a learning environment where institutional wisdom is passed down, benefiting the firm as a whole. Research from the American Bar Association (ABA) shows that mentorship programs that include senior attorneys significantly enhance associate retention rates and firm loyalty.
The Importance of a Strategic Exit Plan
As partners approach sixty, many begin contemplating retirement. Surprisingly, a significant number lack a strategic exit plan. The recent pandemic has underscored the unpredictability of life, emphasizing the need for plans that account for unforeseen health issues or market fluctuations. It’s crucial for partners to protect and monetize the books of business they’ve diligently built over the years.
Without a well-structured exit or transition plan, attorneys risk losing the financial rewards of their careers. A lateral move can be a way to ensure continued success, allowing experienced partners to secure a more advantageous position in another firm. Thoughtful planning can also provide a smoother transition for clients and associates who rely on the attorney’s leadership and expertise.
Moreover, a strategic transition allows senior attorneys to shape the legacy of their practice. Instead of abruptly retiring and leaving clients scrambling for new representation, attorneys can facilitate a seamless handoff that ensures continuity and maintains trust. Firms that proactively manage succession planning often experience fewer disruptions and greater long-term stability. A study from the NALP Foundation found that law firms with formal succession plans retain 30% more of their high-value clients compared to those without such structures.
Key Considerations for a Successful Lateral Move
Not all partners are alike, and many have cultivated influential relationships over time. The most promising candidates offer three essential assets:
- Portable and Profitable Practice: Their practice should be both transferable and lucrative, contributing positively to the firm’s financial health.
- Cultural Compatibility: Candidates must seamlessly integrate into the firm’s culture, ensuring a smooth transition and harmonious working environment.
- Long-Term Vision: Prospective partners should present a comprehensive plan detailing how they will support the firm’s growth strategies over the next three to five years.
To ensure these candidates can bring their business with them, law firms must conduct thorough due diligence. Simultaneously, the hiring firm should provide robust support to maximize the success of the new partnership. Factors such as firm reputation, client expectations, and compensation structures should all be taken into account before making the move.
Additionally, attorneys considering a lateral move should assess the acquiring firm’s leadership structure and strategic goals. A well-aligned vision can mean the difference between a seamless transition and a challenging integration process.
Another crucial factor in a successful lateral move is clear communication. Attorneys should be transparent with clients about their transition plans to maintain trust and ensure retention. Most clients are willing to follow their trusted legal advisors to a new firm, but they need reassurance that their legal needs will continue to be met without disruption.
Embracing Remote Work and Flexibility
The pandemic has accelerated many succession plans, prompting senior partners to consider lateral moves they might not have previously contemplated. The widespread adoption of technology has opened new avenues, especially for those who find remote work advantageous. As remote work becomes the norm, partners have the opportunity to negotiate more flexible terms, achieving a better work-life balance.
While some firms are pushing for a return to in-office work, others recognize that flexibility is a key factor in retaining top talent. Attorneys should consider firms that align with their preferred work style. Hybrid work models offer a compromise that allows attorneys to continue building their practice while maintaining a level of flexibility that enhances productivity and job satisfaction. A 2023 survey by Law360 found that 72% of lateral partners cited remote work options as a key factor in choosing a new firm.
Seizing Opportunities Beyond Sixty
Now is an ideal time for senior partners to evaluate their career trajectories. Whether considering retirement, relocation, or transitioning to another firm, the evolving legal environment offers numerous opportunities. By proactively planning and aligning with firms that value their experience, senior attorneys can continue to thrive and make significant contributions to the legal profession.
About On Balance Search
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.
Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.
Contact us today. Call 516-731-3400 or visit our website at https://onbalancesearch.com
Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.
