Source: The Global Legal Post
By Victoria Basham
The upcoming wave of retirement among Baby Boomer partners is set to have a big impact on BigLaw firms, both financially and in terms of client relationships.
Citing preliminary results from a partner compensation survey by Major, Lindsey & Africa, the American Lawyer reports that 16 per cent of partners will retire in the next five years and 38 per cent will retire in the next decade, the most ever experienced by BigLaw.
The impact will also be exaggerated because law firm headcount has grown at a slower pace since the financial crisis; the number of lawyers at the 100 largest law firms grew on average by 5 per cent each year from 2000 to 2008, but has only averaged 1.2 per cent growth per year since 2009.
Read more of this feature at The Global Legal Post.