Law firms owe much of their success to the hard work of baby boom generation senior partners. I know these folks well—I was one of them before I retired. They have big investments in their firms, reflected by big capital account balances. They consider these investments risk-free and expect returns of funds on demand when they eventually retire. That their firms might someday lack the liquidity to do so is inconceivable.

Underlying these beliefs is an assumption widespread among my peers: that their younger partners will retain enough of their clients and bring in enough new business to replace the revenue these big producers once generated. But most have no idea whether this assumption is justified. Many firms have no viable plan for developing the crop of brilliant practitioners and business-getters they will need to replace baby boomers. As a result, their sustainability is unevaluated, untested—and therefore unknown.