My clients are relaying a stronger need around finding
talent to do the work that's been coming in and also assisting with transition
plans for senior partners.
They really do go hand in hand, as retiring partners
struggle with identity issues and establishing a new role at the firm; conversely, since younger partners will be
taking on more, it will naturally trickle down to a need for more talent. Empowerment issues will take center stage as
Baby Boomers face their hardest challenge yet – letting go and stepping back.
Shareholder of all ages will have to engage in some serious,
thoughtful, honest dialogue around new compensation structures that will
support both the succeeding workload while rewarding business development efforts. Talent at all levels should be educated about
leveraging relationships, technologies and internal process to support both of
these initiatives.
It won’t be easy but will be a significant and unavoidable
change that will occur over the next 10-15 years. I predict at the end, we will see: more value-based pricing models, more
flex-time at all levels, more outsourcing and more strategic alliances. Compensation (traditional and
incentive-based) programs will also look at lot differently and most likely be
simplified as well.
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