MidLaw among the mortals

I am back from Quebec where I was invited to present again my topic from last year in Vienna, “The Aging of the Professions and How to Stop It.”

Again, I brought my message of aging, disability, and death.

By some accounts, 25% of the legal profession is 65 years old and older.

And I bring this further insight: the older you get, the more you depreciate. If you are 60, it’s time to start counting.

Yes, I know.  Actuarially, your life expectancy actually begins to lengthen modestly after a certain point on the principle that, if you survive for long enough, then that implies that you will continue to survive modestly longer than what the projection might have been earlier.

But (in the end) life expectancy is really death expectancy, and it never goes away.

Of course, this insight, that the older you get, the more likely you will experience the depredations of age, has major implications for individual professionals (“Old Lawyers Not Fade Away“). But in Quebec and Vienna, my point was that there are different implications for the management of professional firms that demand separate attention from the implications for individuals.

More than that: BigLaw has options — mandatory retirement, client succession, senior status — that may not be open to MidLaw. And, increasingly, small firms and solo practices have options to sell that are not open to mid-sized firms.

So, the issue of aging in mid-sized law firms demands separate, different management. The issue is strategic and the solutions are not as simple as the terms “mandatory” and “retirement” may imply.

A different discussion ensues.

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