During the second quarter of 2009, Eolis International Group doubled its deals for partner
acquisitions over the same period in 2008, with seniors leading the way.
Increasingly,
savvy firms are throwing age-based compulsory retirement for partners
to the wind—recognizing that the legal community has an extensive
stable of senior citizens who demonstrate high energy, a continuing
flair for pulling in major client revenues, and a portfolio of clients
that can be nurtured and ultimately transitioned into the fabric of the
firm.
David Bernstein is a leading example. A lifer at Rogers
and Wells, he was swept up into R&W’s merger with Clifford Chance,
where he remained until the age of 71.
A client and longtime
friend, Bernstein contacted Wendeen Eolis to consider the possibility of a
new adventure, citing his love of legal practice and his continued
vigor. (Bernstein’s hours and client base rivals busy colleagues twenty
years his junior.
In May, assisted by her affiliated partner
Alan Miles and Associates, Wendeen completed a deal between Bernstein
and K&L Gates. And knowing that K&L Gates’ New York managing
partner cares only about quality, EOLIS and Miles went for a double
header serving up another eminent grise, Roger Crane, formerly of Nixon
Peabody.
Could it be a trend that opportunistic law firms
will aggressively pitch seniors (partners in their sixties and even
their seventies) who demonstrate energy and wisdom and a continuing
track record for revenue production? Wendeen will be writing more
extensively on this issue following completion of a trend study of 20
Law firms around the country.