GENERATIONAL CHANGES IN MANAGEMENT

While my research has not uncovered any source that has tracked the ages of Managing Partners, Chairs and CEOs, my empirical observations indicate that we have been seeing in the last year or two a shift in newly selected top management from the older Baby Boomers in their late 50s and early 60s to the younger end of the Baby Boomer spectrum, approximately age 43 to 49. Of course there are management changes somewhere every year, but my gut - and my eyes and ears - tell me we are in the midst of a greater shift. [More about this to come in future posts.]

So I took notice this morning when I read of the election of a new chairman of McGuireWoods LLP, a large law firm with several offices and based in Richmond, VA. The new chairman, Richard Cullen, is 58 - and he succeeds the 72 year old chair, Robert Burrus, who served as chairman for 16 years. So this represents a generational shift, but not to the younger Boomers.

Significantly also, Mr. Burrus is continuing to practice law. It appears that his firm continues to value his contributions and has no mandatory retirement age requirements. Many firms that don't require people to retire from the firm by a certain age, often age 65 or so, no longer permit the individuals to hold office or vote as an equity partner beyond that age even if they can continue to practice with the firm.

Have you noticed any particular age related management trends?

Phyllis Weiss Haserot   Practice Development Counsel   www.pdcounsel.com