The Aging Workforce
After attending the InsideCounsel SuperConference session on an aging workforce, our career advice columnist offers a reality check.
June 04, 2008 at 08:00 PM
7 minute read
The original version of this story was published on Law.com
I have placed more than 100 attorneys with in-house legal departments in my recruiting career, but here is a revealing statistic–only four have been older than 50. This low number is based on the dynamics of my particular business. I mainly fill staff attorney through associate general counsel positions, while larger “executive” search firms tend to get the chief legal officer assignments.
Still, hundreds of overqualified in-house attorneys over 50 would kill for some of the “junior” roles that we are filling. I put the word junior in quotes, because many of our engagements seek experience in the eight to fifteen years range. Corporations are hiring the 30- to 45-year-old associates and income partners, or mid-level staff from other corporate legal departments. That's the sweet spot.
I'm not trying to stir up age discrimination suits. I'm writing about this topic because change is truly on the horizon–no senior pun intended. As emphasized in a session on the aging workforce at the recently concluded InsideCounsel SuperConference, the baby boomer demographic plus longer, healthier life spans will combine to create a new reality. Bottom-line: older workers will want, or need, to work into their 70s, and fewer next generation workers will be available to replace them.
This is a pending labor shortage crisis for positions requiring heavy manual labor. There are legitimate safety concerns when it comes to working in a quarry or on a construction crew; the body does break down eventually. But legal departments? Of all the functions in a corporation, legal is best positioned to embrace these demographic changes. Lawyers really should get better with age, and many do.
So, why are so many healthy, ready-to-work older lawyers on the sidelines and unable to find meaningful employment? It's simply the pyramid structure, and money.
The challenge, as it is so often in my world, lies at the doorstep of human resources. Companies need to create new titles and new compensation structures for older attorneys. There are many ways to go about this inevitable change. Let's look at law firms for just one example of how to think about a new structure. Older law firm lawyers can move from equity to non-equity status. Titles such as special counsel are available to aging law firm attorneys who want to continue practicing.
Similarly, we can create respectful ways to hire older attorneys into staff roles without GC-track potential. Pay will be commensurate with the job, not with someone's salary history. Older lawyers will accept a pay cut versus previous positions; it's usually the company that has trouble accepting the new economics. Lawyers in their 60s and 70s will access 401(k) plans, IRAs and law firm pensions to supplement what you are paying them. They will appreciate the opportunity to stay employed and, yes, make some money.
I am confident that 40- to 55-year old general counsel will be able to lead older attorneys. General counsel are successful people who will appreciate having the experience in their departments, and this will outweigh any discomfort or fear of being second guessed.
I predict this future will arrive before I retire, and that my 50+ placement numbers will improve accordingly. We are in the business of giving our customers what they need. I am very proud, for example, for the third year in a row more than 20% of the attorneys we placed were racial minorities. It makes me feel good to help our clients meet or exceed diversity objectives. I hope we can place more 50+ age attorneys. Reality check: the supply of older candidates far exceeds the current interest in them. Eventually, the demographics will change that.
I have placed more than 100 attorneys with in-house legal departments in my recruiting career, but here is a revealing statistic–only four have been older than 50. This low number is based on the dynamics of my particular business. I mainly fill staff attorney through associate general counsel positions, while larger “executive” search firms tend to get the chief legal officer assignments.
Still, hundreds of overqualified in-house attorneys over 50 would kill for some of the “junior” roles that we are filling. I put the word junior in quotes, because many of our engagements seek experience in the eight to fifteen years range. Corporations are hiring the 30- to 45-year-old associates and income partners, or mid-level staff from other corporate legal departments. That's the sweet spot.
I'm not trying to stir up age discrimination suits. I'm writing about this topic because change is truly on the horizon–no senior pun intended. As emphasized in a session on the aging workforce at the recently concluded InsideCounsel SuperConference, the baby boomer demographic plus longer, healthier life spans will combine to create a new reality. Bottom-line: older workers will want, or need, to work into their 70s, and fewer next generation workers will be available to replace them.
This is a pending labor shortage crisis for positions requiring heavy manual labor. There are legitimate safety concerns when it comes to working in a quarry or on a construction crew; the body does break down eventually. But legal departments? Of all the functions in a corporation, legal is best positioned to embrace these demographic changes. Lawyers really should get better with age, and many do.
So, why are so many healthy, ready-to-work older lawyers on the sidelines and unable to find meaningful employment? It's simply the pyramid structure, and money.
The challenge, as it is so often in my world, lies at the doorstep of human resources. Companies need to create new titles and new compensation structures for older attorneys. There are many ways to go about this inevitable change. Let's look at law firms for just one example of how to think about a new structure. Older law firm lawyers can move from equity to non-equity status. Titles such as special counsel are available to aging law firm attorneys who want to continue practicing.
Similarly, we can create respectful ways to hire older attorneys into staff roles without GC-track potential. Pay will be commensurate with the job, not with someone's salary history. Older lawyers will accept a pay cut versus previous positions; it's usually the company that has trouble accepting the new economics. Lawyers in their 60s and 70s will access 401(k) plans, IRAs and law firm pensions to supplement what you are paying them. They will appreciate the opportunity to stay employed and, yes, make some money.
I am confident that 40- to 55-year old general counsel will be able to lead older attorneys. General counsel are successful people who will appreciate having the experience in their departments, and this will outweigh any discomfort or fear of being second guessed.
I predict this future will arrive before I retire, and that my 50+ placement numbers will improve accordingly. We are in the business of giving our customers what they need. I am very proud, for example, for the third year in a row more than 20% of the attorneys we placed were racial minorities. It makes me feel good to help our clients meet or exceed diversity objectives. I hope we can place more 50+ age attorneys. Reality check: the supply of older candidates far exceeds the current interest in them. Eventually, the demographics will change that.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllBeyond the Title: Developing a Personal Brand as General Counsel
Step 1 for Successful Negotiators: Believe in Yourself
Deluge of Trump-Leery Government Lawyers Join Job Market, Setting Up Free-for-All for Law Firm, In-House Openings
4 minute readTrending Stories
- 1'Largest Retail Data Breach in History'? Hot Topic and Affiliated Brands Sued for Alleged Failure to Prevent Data Breach Linked to Snowflake Software
- 2Former President of New York State Bar, and the New York Bar Foundation, Dies As He Entered 70th Year as Attorney
- 3Legal Advocates in Uproar Upon Release of Footage Showing CO's Beat Black Inmate Before His Death
- 4Longtime Baker & Hostetler Partner, Former White House Counsel David Rivkin Dies at 68
- 5Court System Seeks Public Comment on E-Filing for Annual Report
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250