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Authors Mortimer Feinberg and Aaron Levenstein, when noting that talent and ability are not enough, quoted the famed actress Helen Hays: “Nothing is any good without endurance.”  Their article Building Endurance appeared in the Wall Street Journal in the 1980s.   Nothing has changed. Endurance is still the essential element that makes for an effective law firm partner or an effective leader.

With the aging of the baby boomer generation, the retirement issue has become increasingly important, especially as many key rainmakers and law firm leaders brush against retirement age.  Age isn’t the issue.  Endurance is. Unfortunately, endurance declines as we approach that all-too-unwelcome age marker—65.  Granted, some people do not experience a decline in endurance until later. On the other hand, it can come sooner. As we enter our 50s, the chances of disability and energy-robbing illnesses become more likely

There are things that each of us can do to maintain and build endurance.   Feinberg and Levenstein set out four:

1.     Know how you recharge your batteries.  For some, this may be music, golf, or a long leisurely walk.  For others, it may be extreme physical activity—cycling, running, the gym.  Know what yours is and take advantage of it to avoid burnout.

2.     Keep a sense of humor, including the ability to laugh at yourself. It relieves stress not only for you but for those around you.

3.     Multiply you own resources of stamina by recruiting the strength of others.  In short, delegate and ask others to do for you.

4.     Recognize your failings (weaknesses) as well as your strengths and virtues.  Don’t waste energy on weaknesses; put your energy behind your strengths.

For most partners, declining endurance doesn’t come from burnout.  It comes from an actual decline in physical stamina due to age and age-related illnesses.  The best advice here is two-fold: 

·         It is never too late to adopt a disciplined exercise program to maintain and improve physical strength.

·         With increasing age and experience, shift your emphasis from “doing it yourself” to “doing it through others.”

No matter what measures we may take to maintain our individual endurance, it will eventually lower our ability to contribute on an equal footing with younger members of the firm.  Regardless of when it happens, it will happen.  For the benefit of both firm and its senior members, the transition out of the partner role needs to be planned and carried out in an orderly fashion. 

By the late 50s, there should be an understanding between a partner and the firm as to the path toward retirement.  Usually this involves a change in the partner’s role from working attorney to manager, mentor, statesman, goodwill ambassador, community mover and shaker, etc.  As long as we have the desire and the capacity, there are many ways other than long hours and high-energy lawyering to continue as a valuable contributing member of the firm.  There are successful partners continuing to make important contributions well up into their 70s and 80s.  They may represent the firm’s brand.  They know who is who.  They are respected in the community.  They can give important clients top-level attention to cultivate the firm’s relationship with those key clients and, while at it, cross-sell services.  They can publish, speak on behalf of the firm, and fulfill the firm’s obligations for community and charitable duties.  Along with a changing role, the firm may need to refine compensation for partners in the transitioning process by moving to a compensation plan that places the emphasis on management, rainmaking, and handing off business and origination to the younger partners.

Plans can change quickly.  Even for the mature partner with no plans to retire there should be an annual conversation concerning retirement plans.  That conversation will eventually have to turn to the firm-driven need to prepare for the partner's inability to continue in his or her former capacity.  

 Morepartnerincome.com is sponsored by Juris, Inc.  For information about Juris® products and services for increasing law firm performance and partner income, go to www.Juris.com.