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Monopoly: How The Game Has Changed for Lawyers

The 20% to 5% Generational Mismatch Problem for Law Firms

According to Beaton Capitol, it's time for law firms to start hiring and paying attention to younger associates:

Leadership in AmLaw100 firms is concentrated in the hands of older baby-boomers and members of the Silent Generation, born before the end of World War II. But while there is clear evidence of generational change occurring in the leadership of their clients, the same is not as clear in firms.This slowness to respond to generational change on the part of law firms is creating risks of cultural and generational mismatches. ...  [A]lmost 20 percent of Fortune 100 and 30 percent of Nasdaq general counsel are Gen X members compared with fewer than 5 percent of AmLaw leaders. This generational mismatch poses dangers for client relationship management. And also for partner retention if older partners hold on too long and don’t share opportunities for growth with their younger peers.

 

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