News on Medial

Law firms tap younger lot for partner profiles as attrition rises

Livemint · 1m

- Lawyers in their early 30s are now being promoted to partner roles in law firms, in contrast to the previous trend of waiting until the age of 40 or above. - Factors driving this change include the need to address attrition, promote younger talent, and find individuals well-versed in new-age policies and complexities. - Attrition in law firms has been increasing, with practice heads and teams of partners frequently moving to rival firms, creating vacancies in various practices. - Partners can be either equity partners or fixed income partners, with equity partners receiving a share of the firm's revenue and investment in the company. - The rise of new areas like data privacy, AI, IoT, and blockchain requires specialized knowledge of regulatory and policy frameworks, increasing the demand for young lawyers who possess such expertise. - Law firms are providing training workshops, exposure to complex cases, and opportunities for early client interaction to develop legal expertise and commercial awareness in young lawyers.