No? Now be honest; is this because after your first spin class for 18 months you spent the next 3 days walking like John Wayne and haven’t been back to the gym since? Unable to move after pulling muscles you’d forgotten that you had?
Don’t be too hard on yourself if so, it happens to everyone. No matter how young and/or fit you are, there’s simply days when you waken up feeling about as spritely as your average tortoise. On the flip side, there are also those days when you leap out of bed, the world is a great place and you’re ready to take on everything life throws at you. Those days are usually called Saturdays.
In the words of Mark Twain “Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.”
Last week’s announcement over the changes to employment law has thrown up queries over how law firms will deal with the abolition of the default retirement age. Whilst always willing to give advice to clients on age discrimination matters, many firms have sometimes been somewhat slower to ‘practice what they preach’, with the trend for partners being forced to retire at 55 (or younger) still being relatively commonplace at many of the Top 50.
For those fortunate enough to have enjoyed many years of high drawings the chance to get out of the rat race in their mid-50s may well appeal. However as human characteristics and behaviour change, including having families later in life and more of us living to an old age with requirements to earn for longer, retirement may not be a realistic option. Recently we have spoken to a number of partners who, despite earning well into six figures, have made it clear that they need to work to at least 65 to ensure that they are provided for in later life. The simple fact is that happily none of us know how long we are going to live, with life expectancy increasing as medical advances continue.
The firms of course have these policies in place for a reason. To continue to attract the best talent they must be able to demonstrate that there are sufficient career opportunities there for ambitious individuals, and to do this there must be a clear route for a top performer to make EP. If the equity is already over-crowded with partners who show no intention of leaving any time soon, then without a mechanism to force them to do so it can prove difficult to convince potential recruits that the firm can reward their efforts any time soon.
Whilst at present the case law still allows firms to force employees to retire at a certain age it is likely that this will change in the future; perhaps very soon if the Leslie Seldon case reaches the Supreme Court (which at the time of writing seems very likely). Many firms have already restructured their partnership deeds to remove the clause which defines retirement at a certain age, and now that the new legislation is imminent more have indicated that they will also do so, including FFW, A&O and Wragges.
Once firms have withdrawn these clauses (as they surely will) many will have to reassess how they manage their more senior employees. Whilst it is early days some may endeavour to make consultancy opportunities more attractive, ensuring that the expertise remains with the firm without necessarily having to retain full equity partnership to do so.
Whisper it quietly but in truth any change is likely to be small and barely noticeable, at least in the short term. As long as peer pressure and ‘the done thing’ exist it may still be suggested or hinted to those of a certain age that perhaps it is time for pastures new, if not put out to pasture altogether. Whether this phases out over time will be interesting to see, but as is always the case any initial change will be slow moving. After all it’s been more than 4 years since the Age Discrimination Act was brought in – yet does your firm still use PQE as a parameter when recruiting?
Like most reforms there is likely to still be a certain ‘wait and see’ aspect as to how or even if these changes are embraced, or whether it still remains a largely accepted part of working life. What is for certain is that those firms who have not revised their partnership deeds and choose to bury their heads in the sand may be in for a nasty shock if one of their partners decides that it’s not yet time to retire.
And besides, what is age anyway? I’m sure everyone knows a time-defying 75 year old who’s still as lively as when they were 40, and also knows of a 45 year old who needs prodded every now and then to check that they’re still with us. This removal of a blanket age cap will force both firms and employees to have a look on a case-by-case basis as to what someone can offer regardless of age, and if they remain keen to work past 65 then the option will be there to do so providing they can continue to perform.
Essentially you’re only as old as you feel. And as Bob Hope said “I don't feel old. I don't feel anything till noon. That's when it's time for my nap.”
To discuss opportunities in the market at all ages, or for grown-up career advice, speak to one of our specialist consultants on 0121 233 5000 / 020 7649 9094 or visit our website at www.vgcharles.com
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