more on law firm innovation
In a previous post about innovation and the legal profession, I said: “With the imminent wave of Baby Boomer retirements, it’s time for law firms to innovate – to adapt their business environment, model and practices to meet the needs and demands of the young associates who support firm leaders today and who will (hopefully) become firm leaders in the future.”
My commentary there focused on innovating to benefit the youngest stratum of the law firm workforce. A very different perspective is offered in the current issue of The Complete Lawyer (TCL), which focuses on the graying of lawyers.
According to the issue’s lead in, a quarter of a million practicing lawyers in America are 55 or older and that number will triple in the next two decades. TCL’s contributors consider the implications of this shift from multiple vantage points. But a unifying message is that law firms can’t ignore the impact of this trend on their business model (tip to Matt Homann), dynamic and culture.
While there are certain economic issues to consider, there are also some very pressing human (as in humanity, not human resource) issues for firms – and the entire legal profession - to take on.
For more insight into innovation and the law, visit the College of Law Practice Management’s website for an introduction to the just-announced 2007 InnovAction award winners.
As part of the younger generation inheriting the leadership, I am looking forward to Baby Boomers nurturing, developing, and finally empowering us to take over. I hope the Generation lives up to its ideals.
It reminds me of an article I wrote for Debonair Magazine, entitled "5 Gifts from the Baby Boomer Generation."
~ Vik Rajan
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