AS LAW FIRMS continue to grow into increasingly complex billion-dollar businesses, more managing partners are devoting themselves full time to their leadership roles. In fact, as law firms have ballooned from 50-person enterprises to 1,000-plus-lawyer behemoths, managing partners find they are less able to juggle their management jobs with their law practice than firm leaders did a generation ago.
At the same time, partners are getting the top job at younger ages-it’s not unheard-of for lawyers to become managing partners in their early 40s. The result is that even those who run a firm for years may have long stretches of working years ahead of them after they give up the reins. So rather than dreaming about days at the golf course, many law firm leaders who are close to stepping down are busy plotting the next phase of their career.
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