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Generating leaders: Why you should embrace the priorities of Gen Y

Embrace the priorities of the millennial generation or face a shortage of suitable firm leaders in the long term, says Jill King

8 August 2012

“You never actually own a Patek Philippe. You merely look after it for the next generation.” The familiar advertising slogan of the upmarket Swiss watchmaker could just as easily have been written for the partnership structure of most major law firms.

The traditional model is based upon the expectation that making partner is the career ambition of most associates and that partners will spend the rest of their careers acting as custodians of their firm.

However, given the current challenges facing the partnership model and the changing aspirations of associates these days, is the expectation of handing over the firm to the next generation of partners in a better shape than it was when you inherited it any longer valid or sustainable?

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