Last Orders

For George Best it was 28.

For Alexander The Great it was 32, although for him it was rather enforced.

For Richard Branson, it’s 60 and counting.

The point in your career when you decide to consider a change will vary from person to person. Some will have made a number of moves during their career as this is generally recognised as being the fastest way up the ladder, although for others they will remain at the firm that they have trained with and internally work their way up through the ranks before emerging at the top, blinking in the sunlight with a partnership tag tucked under their arm. Of course not everyone can make it this far, but for the few who do it may make it seem worthwhile.

As mentioned in a recent blog (http://vgcharles.blogspot.com/2011/01/have-i-got-old-news-for-you.html) the changes in employment law removing a mandatory retirement age will be viewed with some trepidation within a number of legal practices, quite ironically as most companies will be looking to the same firms for guidance on implementing their own non-discriminatory policies. However, and as again discussed in the same blog, only the passing of time will tell whether or not this genuinely does stop practices tapping partners on the shoulder at a certain age and suggesting that perhaps they are entering the autumn of their time there.

We had an interesting meeting last week with a partner at a large international firm who is currently considering another opportunity through ourselves. Having been offered and declined the chance to apply for equity status four or five years ago they are now at a point where the Big Five-Oh is looming and that decision not to invest has removed a certain amount of engagement from the firm. Five years ago the world was a very different place!

When we are involved in a retained search, or indeed any kind of recruitment, part of the process is discussing why the new opportunity represents a better career move than remaining in the present position. With this individual there was a certain amount of this done for us, as the candidate indicated that they couldn’t predict with any certainty whether they would still be with the firm in three years time anyway. Although enforcing mandatory retirement ages may now be illegal there remains a concern that the legacy of these clauses may impact on the future of partners who are now reaching what was previously a predefined and enforceable barrier.

With people now living longer and consequently being required to work longer the thought that your own destiny could be taken out of your hands is a course of quite considerable concern.

For firms which have always employed the default retirement age this to some extent solves a potential issue, for as long as there is the concern that partners may be forcibly retired then those partners will still always look for a new position from 18-24 months ahead of time. There will be one or two who are well within their rights to sit tight, convinced that they can see things through thanks to the new legislation, and best of luck to them.

However for others the thought of overstaying their welcome will cause some to reach the conclusion that they should either stand down from the partnership or look for pastures new. This is what this particular individual has decided to do, hence the series of meetings which have taken place so far.

There is a sense of the great unknown when partners who have been with a firm for a long period of time decided to dip their toe in the recruitment market. For many the processes will be considerably different than last time they were seeking a new position, with new or emerging firms coming to the fore and replacing some practices which have rested on their laurels and who now appear to be a spent force.

There are also a number of firms which, without necessarily ‘pitching’ themselves as such, seem to have a strong reputation for picking up partners from bigger firms who are seeking to continue handling top quality work yet who don’t feel that there is a future for them with their current employer. These partners then carve out a very successful next chapter in their career, enjoying excellent remuneration for their efforts, and indeed with some receiving a high reward from firms which are aware that not only have they acquired a healthy client following, but that these clients are unlikely to be tempted away from the firm when the said partner does decide to call it a day.

Life begins at 50? Well, it’s just the new 40 isn’t it?

Which was always the new 30.

Which is really just 21 + VAT.

To discuss opportunities in the market for partners at all ages, shapes and sizes call one of our specialist consultants on 0121 233 5000 / 020 7649 9094 or visit our website at www.vgcharles.com.