Despite long existing and accepted law and accounting firm structures, pressures from clients and firm personnel are bringing changes today that will present challenges and opportunities for many firms
Accommodating multi-generations of workers and differing functions working together while striving to retain valuable talent will require role shifts not contemplated in past decades of practice. Planning ahead and being respectful of status and culture changes will produce the most harmonious and profitable results.
There are multiple reasons why the legal and tax & accounting industries are seeing shifts in the long-established roles within their firms.
For example, many firms have abandoned a required retirement age. Chronological age doesn’t correlate with competence, and the definition of “competence” has expanded to include a wider range of skills. Plus, fewer senior lawyers (Baby-Boomers) have wanted to retire, although that has changed among some owing to pandemic-related circumstances.
Younger lawyers (Gen X and older Millennials) are eager to move into key roles serving clients as well as within firm management and practice leadership. Indeed, more Millennials are interested in lattice careers, not just partnership. More lawyers of various generations are unhappy or disappointed with lawyering roles, and they may want to stay in the field but in different functions.
Also, there are new needs in today’s firms that beg...
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