Monday, July 13, 2009

Unprecedented Law Firm Opportunity for Seniors

During the second quarter of 2009, EOLIS doubled its deals for partner acquisitions over the same period in 2008, with seniors leading the way.

Increasingly, savvy firms are throwing age-based compulsory retirement for partners to the wind—recognizing that the legal community has an extensive stable of senior citizens who demonstrate high energy, a continuing flair for pulling in major client revenues, and a portfolio of clients that can be nurtured and ultimately transitioned into the fabric of the firm.

David Bernstein is a leading example. A lifer at Rogers and Wells, he was swept up into R&W’s merger with Clifford Chance, where he remained until the age of 71.

A client and longtime friend, Bernstein contacted Wendeen to consider the possibility of a new adventure, citing his love of legal practice and his continued vigor. (Bernstein’s hours and client base rivals busy colleagues twenty years his junior.

In May, assisted by her affiliated partner Alan Miles and Associates, Wendeen completed a deal between Bernstein and K&L Gates. And knowing that K&L Gates’ New York managing partner cares only about quality, EOLIS and Miles went for a double header serving up another eminent grise, Roger Crane, formerly of Nixon Peabody.

Could it be a trend that opportunistic law firms will aggressively pitch seniors (partners in their sixties and even their seventies) who demonstrate energy and wisdom and a continuing track record for revenue production? Wendeen will be writing more extensively on this issue following completion of a trend study of 20 Law firms around the country.

Posted by Will Mead