By Alec Berkman, Bisnow National
A large number of senior partners at law firms, primarily Baby Boomers, are getting ready to retire, and Baker Tilly director Hank Windmoeller says this has important implications for the type and amount of office space firms require.
It’s estimated that Boomers comprise slightly under 50% of all partners of The AM Law 200. The preliminary results of legal search firm Major, Lindsey & Africa's 2016 Partner Compensation Survey show that in the next five years, “one in six—16%—of current partners will retire, and 38% in the next decade.”
Windmoeller tells us that the impact is exacerbated by slow growth in the industry since 2009, as lower demand for legal services has persisted since the recession.
Read more of this article at Bisnow National.