Retiring partners are capable of continuing to play an effective role in the workplace – but those who think about their next steps early on are most likely to succeed

The research underpinning Legal Week's recent article on the ages of partners in the UK's top law firms (3 October issue) confirmed a long-held belief within the profession: life as a working equity partner is very short. Partnership is obtained in the mid-30s, equity points are given up by most by age 50 and almost certainly relinquished by 55. On average just 8% of partners at the firms surveyed are in the 56-60 age bracket, and merely 2% are older than 60.

What happens to these highly trained, highly paid and, in their own sphere, able and experienced people? Despite the stresses involved in practising law at this level, most remain healthy into their early to mid-50s and very capable of playing a valuable and continuing role in the workplace. People at this point in life often strongly desire the emotional, psychological and financial benefits that the right sort of work can provide. Sadly, many fail to achieve these objectives.

Of course some are content simply to retire, if they can afford to do so. Others find alternative employment or put together a portfolio of activities, though there is a paucity of former City lawyers in this camp. Those who succeed are usually well connected and capable of demonstrating broad experience and skills outside technical
legal expertise.

In my experience most lawyers who choose the latter option fail to find the roles they aspire to. For example, it is notoriously difficult for retired equity partners to get positions as non-executive directors of substantial businesses, despite the significant increase in demand at board level for independent governance. There are very few ex-lawyers serving as non-execs of FTSE 100 companies, and not many lower down the market cap ranks.

This is both a pity for the individuals concerned and a waste of valuable talent for our community as a whole.

Lawyers have much to offer the commercial world, the public sector and non-profit organisations. If they look hard at their experience from a broader – rather than a purely technical – perspective, many will find knowledge and skillsets that, if clearly identified, properly labelled and presented, will appeal to employers of many stripes. The same is particularly true for successful in-house lawyers.

Then there are the generic skills: intellectual rigour, clarity of thought, sustained focus through difficult and detailed work, and broad experience of situations and people, to name but a few. These are of great value to organisations. It is often the case that lawyers' generic skills can raise the quality of the conversation at company board or executive committee meetings. However, these abilities often remain hidden and taken for granted by those who possess them. Partners need to identify, recognise, package and present them to be fully appreciated by businesses or headhunters.

The basic skillsets required to make a valuable contribution at a senior level in business or other organisations at age 50 or over are often found among partners in law firms. The recruitment market must also begin to properly recognise these compelling skills.

Partners must start, earlier than they might think necessary, to think about and prepare for the next stage in their working lives. This can be done in a way that does not impede their ability to earn fees in the remainder of their time as an equity partner. Indeed, much of the preparation is capable of enhancing their value as an equity partner – and to their firm.

So when the managing partner asks for those equity points back, there is every chance there will be attractive options to pursue. Done properly, this can turn a trauma into a real opportunity for a different and broader working life.

James Butler is non-executive director of Zurich Assurance and former Lloyd's of London head of legal.