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.