ready or not, here they come (and go!)€¦ · • there they go: “each day, 10,000 baby boomers...

READY OR NOT, HERE THEY COME (AND GO!)

PREPARING FOR THE GENERATIONAL SHIFT

IN THE LEGAL PROFESSION

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Ready or not…


• HERE THEY COME: In 10 years, 75% of workforce will be made up of Millennials

• THERE THEY GO: “Each day, 10,000 baby boomers retire and begin receiving Medicare and Social Security benefits.” Senator Robert Portman (R-OH), July 2014 (Wall Street Journal)

• SESSION ROAD MAP

1. Share and challenge perceptions about different generations (general workforce vs. legal profession)

2. Millennials as Attorneys: recruit, hire and retain the next generation

3. Millennials as Clients: differences in delivering legal service & communication

4. Avoiding the Brain Drain: Succeeding at Succession Planning




• ERIC BARNUM Partner, BakerHostetler

• JASON PRINCE Associate, Kasowitz Benson Torres & Friedman LLP

• NANCY SALTZMAN Executive Vice President General Counsel, Chief Compliance Officer & Corporate Secretary Exlservice Holdings, Inc.

• IAN CONNETT Legal Director, Collective, Inc.

Panel Introductions



Workplace Perceptions: The Generations


How MILLENNIALS

describe themselves

How HR Professionals

describe Millennials

People-savvy 65% 14%

Tech- savvy 35% 85%

Loyal to their employers

82% 1%

Fun-loving 14% 39%

Hard-working 86% 11%

How BOOMERS describe

themselves

How HR Professionals

describe Boomers

People-savvy 78% 44%

Tech-savvy 22% 6%

Willing to Learn

61% 40%

Creative 42% 17%

Leaders 40% 55%

Source: Survey from beyond.com of 6k job seekers and HR veterans (2013)



Unfair stereotypes? “Millennial” is not a dirty word


versus

• Entitled

• Racial diversity

• Tech-savvy

• Lack inter-

personal skills

• Praise-hungry

• Value Collaboration

• Mobile & Disloyal

• Entrepreneurial &

creative

• Educated but In-

Debt

• Crave mentorship &

feedback

• Less interested in

hierarchy

• Work-life balance

• Other perceptions?



Recruiting & Retaining Millennials: By the Numbers


12,177 vs. 6,677

Number of law school applicants in 2010 vs. 2015 with LSAT scores in the range of 165 or higher. Many top law schools reducing sizes of incoming class.

$167,000

The average JD graduated with $167,000 in student debt, according to a 2015 Edvisors report.

2,199

According to the NALP 2016 report, the largest firms saw average number of hours worked increased from 2,175 to 2,199 in the largest firms.

$300,000

According to various industry reports, the amount law firms spend before a new attorney is profitable



Changes to Recruiting and Retention?




Younger generation rises to positions of authority




#win or #fail? Delivering legal services to a new generation of clients


• Does winning business/trust look different when courting a millennial client?

• Does the millennial client (corporate counsel or internal business client) have a different set of expectations from legal? • Use of technology & value of innovation? • Emphasis data? Crowd-sourcing? • Work-life balance & responsiveness? • Communication?

• What role will technology play in working with the Millennial client?



Succession Planning




Are Succession Plans in Place?


27%

Percentage of law firms w/ 50+ attys with formal succession plans in place

78%

Percentage of senior partners who say they do not want to retire. 73% do not want to forfeit compensation by transitioning work

LAW FIRMS

26%

Percentage of legal departments claiming succession plan in place

6%

Percentage of legal departments with a formal mentoring program in place

IN-HOUSE

Source: Altman Weil Law Firms in Transition Survey (2013)

Source: Thomson Reuters Legal Department 2025 Survey (2016)



“Knowing is Not Doing”


LAW FIRMS

IN-HOUSE

1. EVALUATE SUCCESSION NEEDS

Evaluate short/long term needs of company & department; honest evaluation of turnover & retirement

2. DEVELOP SUCCESSION TALENT Conduct formal evaluations of attys; create development plans; use of external resources to identify talent

3. PUT SUCCESSION PLAN IN PLACE Identify job roles that require formal succession planning; identify individuals who can step into the role; conduct knowledge transfer process. KEEP IT ALL CURRENT

Source: Sterling Miller, former GC of Orbitz, Legal Department Management Succession Series, Thomson Reuters, 2017

1. Get comfortable having non-threatening conversations with senior partners long before they are ready for retirement; roadmap for transition of their clients to other partners.

2. Design and implement quality business development training programs for young partners and senior associates.

3. Set term limits for committee, office, department and practice group leaders; groom the next generation of leaders.

4. Build a championship team of diverse attorneys and recognize the role diversity plays in growing the next generation of law firm leaders.

5. Find the right mix of next generation leaders not only from within, but also through lateral recruiting.

Source: Barry Levin, Saul Ewing, ABA Law Practice Today, November 2016



Ageless Lessons & Other Concluding Thoughts


• Top generational myths to bust?

• Top initiatives to manage and prepare for generational shift?

• What does the law firm/legal department of the future look like?



ready or not, here they come (and go!)€¦ · • there they go: “each day, 10,000 baby boomers...

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