The Thomson Reuters LEGAL EXECUTIVE INSTITUTE presents

Transcription

1 The Thomson Reuters LEGAL EXECUTIVE INSTITUTE presents Millennials, the Multi-Generational Workforce and their Impact on Law Firm Moderator: William Fowler, Vice President & General Counsel, Profit Recovery Partners Panelists: Timothy Bromiley, Senior Associate, Gensler David B. Cunningham, Chief Information Officer, Winston & Strawn LLP James (Jamie) S. Hutchinson, Chief Administrative Partner, Alston & Bird LLP Sonia Menon, Chief Operating Officer, Neal, Gerber & Eisenberg LLP Katherine K. Solomon, Associate, Paul Hastings LLP

2 Millennials, the Multi-Generational Workforce and their Impact on Law Firms

3 Generational Groupings Traditionalist Boomers Gen X Millennials

4 Context Chronological birth is less important than shared beliefs, experiences and the perception of where one belongs As a child, you start developing a lens through which you interpret events and situations, often reinforced by your peers. Each generation shares a common lens. Generational groupings can be impacted by other factors like immigration from another culture

5 Traditionalists: (also known as the Silent Generation) What is Valued: Defining Events: Respect Hard work Loyalty Formality Following rules Hierarchy The Great Depression WW II Korean War 1% of the Top 100 law firm Managing Partners are Traditionalists

6 Boomers: (The Me Generation) What is Valued: Competition Optimism The long good day work ethic Upward Mobility Team Work Participation Defining Events: GI Bill Vietnam Post War Boom Wealth Effect Civil Rights Women s Rights 85% of the Top 100 law firm Managing Partners are Boomers

7 Generation X: What is Valued: Self Reliance Privacy Work/Life Balance Technology Independence Skepticism Transactional relationships Defining Events: Watergate Working Parents Latch key kids Divorce Downsizing 14% of the Top 100 law firm Managing Partners are Gen Xers

8 Millennials: What is Valued: Diversity Social Responsibility Technology Transparency Constant Contact Optimism The Environment Defining Events: Berlin Wall Globalization The Internet Dot Com Trophies / T-Ball Generation

9 GENERATIONAL COMPARISON Traditionalists Boomers Gen Xers Millennials Education A dream A birthright A way to get there An incredible expense Entitlement Seniority Experience Merit Contribution Communication Write Me a Letter Let s Have a Meeting Send Me an txtme Feedback No news is good news Once a year review with documentation Reward Satisfaction of a job well done Money, Title, Corner Office, Recognition More regular immediate feedback Freedom is the ultimate reward Individualized feedback at the push of a button whenever I want it Work that has meaning for me!

10 Managing Millennials Perceptions Millennial Values Management Entitled Rewarded Directing Self-Absorbed Special Motivating Unfocused Informal Incenting Indifferent Meaning Cultivating Lack of Loyalty Abrasive

11 This information was updated on April 25, 2016, to indicate that Millennials have officially surpassed Baby Boomers in population.

12 Moving Forward Know how to communicate recognizing generational differences Know that we have more in common than we have differences between us How each generation may express their common values may differ

13 Further Reading: When Generations Collide Lancaster & Stillman The M Factor: How the Millennial Generation is Rocking the Workplace Lancaster & Stillman Generations at Work: Managing the Clash of Boomers, Gen Xers and Gen Yers in the Workplace Claire Raines & Ron Zemke

14 The Thomson Reuters LEGAL EXECUTIVE INSTITUTE presents Millennials, the Multi-Generational Workforce and their Impact on Law Firm Moderator: William Fowler, Vice President & General Counsel, Profit Recovery Partners Panelists: Timothy Bromiley, Senior Associate, Gensler David B. Cunningham, Chief Information Officer, Winston & Strawn LLP James (Jamie) S. Hutchinson, Chief Administrative Partner, Alston & Bird LLP Sonia Menon, Chief Operating Officer, Neal, Gerber & Eisenberg LLP Katherine K. Solomon, Associate, Paul Hastings LLP