JordanFurlong + demographics   57

ABA Profile Reveals a Profession in Crisis | TechLaw Crossroads
28% of lawyers report suffering from depression. Almost 20% report severe anxiety. Over 10% of lawyers report having suicidal thoughts.

 

28% of lawyers report suffering from depression. Almost 20% report severe anxiety. Over 10% of lawyers report having suicidal thoughts.

 

How do we deal with this? 21% of lawyers report problem drinking; 32% of lawyers under 30 report problem drinking. This compares to 6.4% of the general population.
demographics  health  addiction 
4 weeks ago by JordanFurlong
Are Law Firms Ready for Generation Z? They'd Better Be. | Legaltech News
Although there’s no official date for when Generation Z begins, the Pew Research Center generally defines the members of Gen Z as those born in or after 1997 (some others have moved up that admittedly arbitrary benchmark to 1995). The generational boundary gives members of Gen Z one major distinguishing characteristic: their connection to technology.
“Millennials were living a life where technology was changing things and they were on the forefront of the change,” says Orrick, Herrington & Sutcliffe chief talent officer Siobhan Handley. “Gen Z doesn’t know a time before [that change].”

The oldest members of the Gen Z cohort, also known as the iGeneration, were only around 10 years old when the iPhone launched in 1997. As they entered their teenage years, the world became more interconnected through the widespread saturation of Wi-Fi, smartphones and high-bandwidth cellular service. A survey last year by Pew Research of teens, social media and technology found that 95 percent of adolescents have a smartphone or access to one. And 45 percent of teens said they were online on “a near-constant basis.”

“The smartphone has been their method of doing everything,” says Wake Forest University law professor Laura Graham.
generations  demographics  training 
february 2019 by JordanFurlong
Millennials in Big Law: Resistance Is Futile | The American Lawyer
In her seminal series of articles on millennials in Big Law, Lizzy McLellan has noted that “millennials make up the largest generational group among lawyers at large and midsize firms” and that “the numbers starkly illustrate the reality facing law firm leaders: Millennials will soon take over the legal profession in sheer numbers—and soon enough they’ll dominate leadership positions and partnerships, too.”



Like the Boomers, millennials have been vilified by the generations preceding them. Millennials are often described as “self-centered, needy and entitled with unrealistic work expectations,” Jada A. Graves wrote in U.S. News & World Report, in June 2012, and perception has changed little in the ensuing six years. However, “this unsavory list of descriptors is in sharp contrast with how this generation views themselves. … They don’t see themselves as entitled, they see themselves as very hardworking, dedicated and loyal,” she wrote. Like Graves, we believe millennials are no different than their predecessors, and what they really suffer from is a classic communication gap between generations. Moreover, given their unfettered access to information via the internet, millennials are arguably the most well-informed generation. They don’t think they’re lazy—just misunderstood—and they don’t seem to care what their elders think.

The vast majority of millennials are still associates whose main responsibilities are billing hours rather than business development, and the data suggests that the traditional system of leverage, with partners landing major clients and associates putting in the hours to service them, continues to produce favorable financial results. According to McLellan, 61 percent of attorneys at the top 10 law firms by profits per equity partner are millennials, and that percentage decreases as the profitability of firms decreases. However, with the oldest millennials now entering their mid-30s and nearly a decade in practice, firms are looking to elevate them into the partnership vacancies left by the significant number of Boomer retirements expected in the coming years. Given millennials’ priorities (which differ significantly from their predecessors) and the significant post-recession shifts in the way law is practiced, it seems obvious that Big Law will need to get creative in how to accommodate, retain and elevate its largest and arguably most leverageable group of attorneys.
millennials  demographics  generations  firms  laterals  partners 
january 2019 by JordanFurlong
How Will Generation X Lead Big Law? | The American Lawyer
These observations do not, however, conform to the way in which Gen Xers tend to see themselves. In my many conversations with members of this generation, they express fear that their time at the helm will be too brief, as ambitious millennials push to assume leadership roles. These Xers do not see themselves as channeling the workaholic tendencies of boomers, but as the overworked, middle child picking up everyone else’s slack. They see their focus on firm economics as stemming from a fear that they have limited time to maximize their own compensation as they witness a clamor from associates who never seem satisfied with their own pay checks.
generations  demographics  leadership 
january 2018 by JordanFurlong
The Demographic Timebomb: A Rapidly Aging Population - Stratfor Worldview
Today’s infographic comes to us from Aperion Care, and it highlights how demographics are shifting as well as the economic challenges of a rapidly aging global population.
demographics  generations 
june 2017 by JordanFurlong
Metabolizing Japan, the World's Oldest Nation | Stratfor
It is far easier for observers in the West to lament and even exaggerate Japan's challenges than it is to give credit to the underlying strengths of the nation. Japan and the United States both carry gargantuan debt burdens, but Japan is far less externally exposed since it owns nearly all its debt. Alongside the United States, Japan has maintained its reputation as a financial haven and is one of the largest creditors in the world. The country's labor pool is shrinking, but the country is still wealthy and will readily develop and embrace technological solutions to its problems. Japan cannot shake its extreme aversion to immigration, but the homogeneity and harmony of Japanese society has also made it one of the safest and most trusting places in the world. The extreme emphasis Japan places on loyalty in the corporate world cripples companies that cannot break social taboos to fire low-performing employees, but the glaring absence of loyalty in many employer-employee relationships in the United States is a key factor that limits wage growth and dilutes product quality as workers jump from firm to firm. What Japan structurally lacks in entrepreneurism, it can still make up for in innovation and craft.
demographics 
august 2016 by JordanFurlong
Millennials Have Their Say on Law Firms’ Future | Law.com
More than half of the firms surveyed count Baby Boomers as representing between 40% and 80% of their current attorneys. With the youngest Boomers now in their early 50s, it’s safe to predict that many of a given firm’s attorneys will retire within the term of a 10- to 15-year lease. Accordingly, “future real estate decisions are being influenced by the younger generation of attorneys as they will become the future leaders of the firm during these long-term lease commitments,” according to Cushman & Wakefield’s 2015 National Legal Sector Benchmark Survey.

This demographic shift also raises the question of succession planning, an area of operations in which just 15% of respondents said they have formal plans in place. Another 27% they have an informal plan that is not mandated. Nearly a third of survey respondents said they don’t have a succession plan at all, and 84% have no retirement age mandate.
firms  generations  demographics  office 
june 2016 by JordanFurlong
Less male, pale and private practice: Surging in-house and female lawyer ranks keep the profession expanding | www.legalbusiness.co.uk
A sustained influx of female lawyers has underpinned the expansion of the profession for 20 years, with the Law Society stating that women solicitor ranks have expanded 3.8% annually for the last five years, against 1.3% for male counterparts. The number of female partners is growing at a much slower rate, up 1.4% annually in the latest report.
women  diversity  clients  demographics 
may 2016 by JordanFurlong
Labor Arbitrage and the Canary in the Legal Industry Coal Mine | SeytLines
At first glance, you might think the story is that lean thinking has peaked in the legal industry and now is on the decline. Perhaps it didn’t take or lawyers found it just didn’t work for what they do. While that would be an easy story to tell, I think it would be wrong. In fact, I’ll go a bit further and say we should look at the numbers coming out and see the canary in the coal mine. They tell us we are on a wrong path that, without change, will lead to some unpleasant times ahead.

This is the story I see. The legal profession demographics mirror the demographics generally in society. We are part way through the cycle of baby boomers retiring (or at least reaching retirement age) and we still have the remainder to work through the system, the ones born from 1956 through 1965.

These boomers and their colleagues control the legal universe, for the most part.
As the boomers move towards retirement, they have little interest in taking what they perceive as risky steps to change a 150-year-old legal service delivery model. Clients may not be sending as much work to large law firms, but the firms aren’t cratering (slow to no growth and gradually increasing expenses don’t put a firm on the edge of failure).
clients  firms  process  demographics 
november 2015 by JordanFurlong
Muslims May Become the World's Biggest Religious Group After 2070, Says a New Pew Report - The Atlantic
The world is on track to become a more homogeneously religious place, not a more diverse and secular one. Theories of secularization are based on a vision of a world culturally dominated by the West, and it's true that the United States and Europe may become somewhat less religious in the coming years. But in terms of sheer numbers, the West is shrinking, and the rest of the world is on a very different path: one that's headed toward God.
religion  demographics 
november 2015 by JordanFurlong
The Legal Whiteboard
That said, I am not counting BigLaw out.  I am writing this blog post from the International Legal Technology Association (ILTA) conference in Las Vegas.  From far away, it is all too easy to treat BigLaw as a monolith--it's not.  At ILTA, professionals from several of the most innovative law firms are willing to pop the hood and share what they doing.  See Ahead of the Curve: Three Big Innovators in BigLaw, Aug. 25, 2014. Suffice it to say, some firms are several years into strategies that have the potential to take market share from peer firms.  Further, the innovation teams inside these firms are having the time of their professional lives because the work is so collaborative and creative--the antithesis of billable hour work.  What is also clear is that many competitors just can't muster the leadership nerve to make similar investments. 
firms  demographics  generations  partners  compensation 
september 2015 by JordanFurlong
Legal Trends: November 3, 2014 - Legal Resource Group, LLC
Law firms are increasingly using virtual lawyers and paralegals, both to retain valuable people who don’t want to work in a traditional office environment, and because it allows firms to better adjust staffing to the volume of work available.  While firms are often concerned about supervisory issues in stay-at-home workers, there are also problems from the employees’ perspective.  Workers who are in a virtual environment for extended periods of time report a loss of engagement with the firm, dissatisfaction with their work and, simply stated, loneliness.  Several firms have addressed this problem through a variety of programs.  A New York firm with a number of virtual lawyers in the New Jersey suburbs has created a Friday late morning breakfast at a local diner.  While the purpose of the breakfast is collegiality, typically members of the HR or IT staff attend to help with problems and share firm information.  The group is so popular that some non-virtual lawyers elect to work from home on Fridays so they can attend.  A large global firm uses a Google Hangout for virtual workers to network with each other despite their diverse locations.
virtual  demographics 
november 2014 by JordanFurlong
Your Boomer Partners are Retiring. Is Your Firm Ready | The American Lawyer
About 16 percent of the partners in the nation's top 200–grossing law firms are 60 years old or older. And more than half of them are at least 65. Collectively they are at or nearing retirement. For Big Law, they are the leading edge of the baby boom generation that has transformed or at least swollen virtually every institution they've encountered since arriving on the scene in the heady years that followed the end of World War II.
succession  demographics  leadership 
may 2014 by JordanFurlong
Why the generational shift in leadership is impacting the legal industry | The Legal Watercooler
The second wave of Baby Boomers are known as the “Trailing-Edge Boomers.” They are now in their 50s, yet not as idealistic as their older siblings, and they too are not going anywhere. However, they are lacking the entrepreneurial spirit of their GenX counterparts, coupled with no longer being the recipients of the institutional client being handed to them upon the retirement of a senior partner, these are oftentimes the partners we marketing folks are not able to pry out of their offices to go off and meet with prospective clients. Great service partners. Great at cultivating existing relationships. Not so great at making brand new rain. They were raised with the same idealistic promises of the Leading-Edge Boomers, however, they were never prepared for hard times, and they are fearful of failure.
demographics 
february 2014 by JordanFurlong
A Heavy Burden - The American Lawyer
The recession, with its double whammy of retirement investment portfolio declines and firm revenue slowdowns, was a broad wake-up call for firms that fund pensions out of current income, as well as for the broader swath of firms that fund benefits out of firm-run investment portfolios. Many in the latter category had to dig into earnings to cover shortfalls in guaranteed benefits funded by firm investments. But the problems created by the sagging economy brought into relief a bigger, looming issue: The ranks of retired partners is swelling just as the number of equity partners—who are ultimately responsible for funding the pension plans—is leveling off. "This is an issue that cuts across all regions and all sizes of firms," says Dan DiPietro, chair of the Law Firm Group of Citi Private Bank. "It's a generational issue: As firms face the bubble of baby-boomer partner retirement, the problem will only get bigger."
pension  firms  demographics 
march 2012 by JordanFurlong
Why New (And Not So New) Lawyers Should Be Brushing Up On Their Spanish
Nearly one in five Americans will have been born outside the USA vs. one in eight in 2005. Sometime between 2020 and 2025, the percentage of foreign-born will surpass the historic peak reached a century ago during the last big immigration wave. New immigrants and their children and grandchildren born in the USA will account for 82% of the population increase from 2005 to 2050.
demographics 
february 2012 by JordanFurlong
Precedent: The new rules of law and style - Bar Code: The biggest challenges working with juniors
Associates are too passive about their careers. I can’t guess what your needs or goals are. It’s not up to me to give you the opportunity for advancement. It’s up to you to create opportunity by taking ownership for your own development.
demographics  laterals  schools 
november 2011 by JordanFurlong
On Aging Gracefully
That's unfortunate advice, but not surprising. Most elders don't mentor talented proteges to assume increasing responsibilities, persuade clients that others can do equally first-rate work, or institutionalize relationships so that the firm weathers senior partner departures and prospers over the long run. Instead, they create silos--self-contained practice groups of clients and attorneys who will give them leverage in the internal battles to retain money, power, and status. Rather than waste time gaining fellow partners' respect, the prevailing large law firm model prefers fear--more precisely, fear of a senior partner's lost billings.
demographics 
june 2011 by JordanFurlong
Demographic Business Development - Attorney at Work
When the financial crisis hit, it seemed like all the conversations in the legal space about generational change suddenly went silent. And as the recession wore on, some senior lawyers failed to disguise their schadenfreude over the millennial associates who one day were pushing “work-life balance” and the next day were pushing resumés across desks.
jf  demographics 
march 2011 by JordanFurlong
Boomer Law! - Nolo's Legal Marketing Blawg
With the arrival of 2011, the oldest of the post-World War II Baby Boom generation will turn 65. In fact, every day for the next 19 years, 10,000 more will cross that threshold, notes the Philadelphia Bulletin. By 2030, a full 18 percent of the nation's population will be 65 or older, up a full five percent from current numbers.
solo  demographics  marketing  facebook 
march 2011 by JordanFurlong
Law.com - Recession Pushes Back Retirement for Some
With the dollar amount of their 401(k) plans decreasing, the age when many partners expect to retire is increasing. The dream of trading in timesheets for the tropics has been delayed, and that means partners are looking to stay at firms even longer. The ramifications of this phenomenon have their pluses and minuses. People in their early 60s who would normally have been close to retirement are now working full bore, Frank D'Amore of Attorney Career Catalysts said. Where in the past they may have been ready to transition their practices to younger attorneys, that's no longer the case, he said
Bookmarks  recession  demographics 
august 2009 by JordanFurlong
the [non]billable hour
My dad had told me it was the iPod of its day. He had told me it was big, but I hadn't realised he meant THAT big. It was the size of a small book. It took me three days to figure out that there was another side to the tape. That was not the only naive mistake that I made; I mistook the metal/normal switch on the Walkman for a genre-specific equaliser, but later I discovered that it was in fact used to switch between two different types of cassette.
Bookmarks  demographics 
july 2009 by JordanFurlong
lawjobs.com Career Center - Delays in Attorney Retirement Could Contribute to Firm Overcrowding
Steven Deruyter has recovered from the shock that he's nearing retirement age. But what continues to stun him is the condition of his retirement fund, which has lost about 40 percent of its value in recent months. "I just feel fortunate I never met Mr. Madoff," said the 62-year-old attorney, referring to broker Bernard Madoff, who allegedly bilked investors out of $50 billion. A corporate and transactional partner at Minneapolis-based Leonard, Street and Deinard, DeRuyter said he's in better shape than a lot of other workers these days. Still, he's not feeling nearly as confident as he was just a few months ago about his plans for his golden years.
Bookmarks  recession  demographics 
january 2009 by JordanFurlong
Seth's Blog: The best and the brightest
The smartest and most motivated young people are no longer itching to become investment bankers and lawyers. We're always hearing about a shortage of engineers or nurses--but there never seems to be a shortage of people eager to work 90 hours a week helping to move money from one pile to another. Applications to work on the Obama team are over 300,000 (up from about 44,000 at this point in the Bush administration). Students are deciding to become fellows at Acumen or to set up innovative small businesses or volunteer their time or bootstrap a music career. Perhaps we're on the verge at getting much better at making useful things, spreading ideas that matter and helping people, and not quite so good at leveraging capital for financial institutions. Imagine what
Bookmarks  demographics 
december 2008 by JordanFurlong
Daddy Track
Real men put their careers on hold for babies. At some of the most profitable and hard-driving law firms in the nation, paid paternity leave for new dads-ranging from two to ten weeks-is now the norm, a perk as basic as a shiny BlackBerry.
Bookmarks  women  demographics  laterals 
july 2008 by JordanFurlong
Blogspotting Is teaching older workers a productivity drain? - BusinessWeek
This idea came up when I asked on Twitter about generational issues in the workplace. @diabolicalpnthr responded (in 2 tweets): “It kills productivity to have to explain social media and new technologies to the older generation in an office. It’s har
Bookmarks  demographics 
july 2008 by JordanFurlong
Build A Solo Practice, LLC: Can You Really Afford To Bash The 'Millennial' Lawyer?
There has been much discussion recently about the Millennial in the workforce and particularly in law firms.
Bookmarks  demographics 
june 2008 by JordanFurlong
Attorney 2.0 - Generation Y in Your Law Firm « LawyerKM :: Knowledge Management & Technology for Lawyers and Law Firms
Ready or not, there is a new generation of lawyers headed your way. Since “two point zero” is all the buzz these days, we can call this group “Attorney 2.0,” if you like. But before the whole “two point zero” craze, there was the “Generation
Bookmarks  knowledge  demographics 
june 2008 by JordanFurlong
Choosing the next company you work for: Leverage research about how Gen Y is parenting » Brazen Careerist by Penelope Trunk
One of the hardest parts of managing your career is getting clear on what’s most important to you in the work you do. And it’s ironic that the true-but-clichéd exclamation from new parents – “the kids force me to see what is really important in m
Bookmarks  demographics 
march 2008 by JordanFurlong
lawjobs.com Career Center - Commentary: Dealing With the Legal Profession's Generation Gaps
The generation gap is nothing new. In a pattern as old as time, the successor generation has always viewed its forebears as stodgy and unduly authoritarian, while the "old folks" have tended to view the energy and impulsiveness of youth with suspicion, if
Bookmarks  demographics 
february 2008 by JordanFurlong
Law.com - Latham Ramps Up Parental Benefits; Will Other Firms Follow?
Latham & Watkins announced a new parental leave policy for associates this week that significantly ups the amount of time biological and adoptive parents can take leave while receiving their full base salary. Some observers say that, much like associate
Bookmarks  demographics  innovation  women 
february 2008 by JordanFurlong
The Real Deal about Gen Y: They’re Inherently Conservative » Brazen Careerist by Penelope Trunk
“There is a strong, strong millennial dislike of ambiguity and risk, leading them to seek a lot more direction and clarity from their employers, in terms of what the task is, what the expectations are, and job progression.”
Bookmarks  demographics 
february 2008 by JordanFurlong
morepartnerincome.com :: Marcus Speaks Out On Mandatory Retirement for Lawyers
The second problem has to do with disproportionate compensation. It is a frequent problem. Many maturing partners shift their priorities in their life. They began to devote more time to leisure activities and non-firm activities. The problem isn’t with
Bookmarks  compensation  partners  demographics 
november 2007 by JordanFurlong
Worldmapper: The world as you've never seen it before
By 2300 the United Nations forecasts that the global population will be just under 9 billion.
Bookmarks  demographics 
october 2007 by JordanFurlong
Slaw: Millennial Fever
During the past 50-odd years, the North American legal profession has been notable for a ready supply of labour
Bookmarks  JF  future  demographics 
october 2007 by JordanFurlong
Business schools shift to accommodate the biological clock » Brazen Careerist by Penelope Trunk
Harvard just announced that it will change the timeline of business school enrollment as a way to attract “a wider range of applicants” Read: Women. Right now women start businesses at two times the rate of men and women do better in school than men d
Bookmarks  women  demographics  schools 
september 2007 by JordanFurlong
Yahoo Column: Gen X updates outdated work and family goals » Brazen Careerist by Penelope Trunk
Thanks to Gen X, the power-couple-as-parents setup will likely go down in history as just another terrible idea conceived by baby boomers. At this point, it’s clear that families are better off when one person takes care of the household full time. Sta
Bookmarks  demographics  careers 
september 2007 by JordanFurlong
http://www.economist.com/world/europe/displaystory.cfm?story_id=7891259
Russia's demographic outlook is dire—even before it feels the full impact of AIDS
Bookmarks  Economist  health  demographics 
september 2007 by JordanFurlong
http://www.economist.com/world/na/displaystory.cfm?story_id=9587776
The struggle for political dominance pits natural allies against each other
Bookmarks  Economist  demographics 
august 2007 by JordanFurlong
http://www.economist.com/world/na/displaystory.cfm?story_id=9218127
As the divorce rate plummets at the top of American society and rises at the bottom, the widening “marriage gap” is breeding inequality
Bookmarks  Economist  demographics 
august 2007 by JordanFurlong
http://www.time.com/time/magazine/article/0,9171,1640395,00.html
People would rather stay at one company and grow, but they don't think they can do that," he says. "Two-thirds of the people who left Deloitte left to do something they could have done with us, but we made it difficult for them to transition
Bookmarks  demographics  laterals 
august 2007 by JordanFurlong
Coachology: How to wrestle leadership roles from boomers » Brazen Careerist by Penelope Trunk
HELLO OUT THERE! Do the people who write the press releases about baby boomer retirement not understand that this is the most overleveraged generation in history and they will work till the day they die?
Bookmarks  careers  demographics 
august 2007 by JordanFurlong
Seth's Blog: Marketing to seniors (open and closed)
Psychographics (open vs. closed) are way more important than demographics.
Bookmarks  marketing  demographics 
july 2007 by JordanFurlong
davidmaister.com > Passion, People and Principles > Who or What is the Firm For?
Who are we running the firm for? The standard capitalist answer used to be"for the shareholders." But if it is not unusual for one third of them to be gone within 5 years, what then remains as the purpose? Who THEN are we running the place for? Or for wha
Bookmarks  firms  strategy  laterals  demographics 
july 2007 by JordanFurlong

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