The aging of the workforce is something that the legal profession can no longer ignore. The legal marketplace has yet to feel the impact of the loss of massive numbers of baby boomers that will be leaving the profession. Over this same period of time, fewer and fewer “talented” young people are expected to enter the profession. Demographic and economic projections suggest that the shortage of workers will start soon and grow significantly.
The Employment Policy Foundation (EPF) estimates that 80 percent of the impending labor shortage will involve skills, not number of workers potentially available. Within the next several years, this shift in age distribution will cause law firms to experience an unprecedented “brain drain,” unless dramatic steps are taken by law firm leadership to look for new approaches to attracting and retaining key people. This “War for Talent” is only just beginning. Continue reading Understanding the War for Talent – Aging of the Workforce