Eaton Peabody, like other firms, tackles aging demographics
Photo / Jason Paige Smith
Eaton Peabody President and Managing Partner David Austin says the law firm's growth has been helped by opening new offices and recruiting young lawyers.
Steady growth at Eaton Peabody is rooted in the law firm's Maine-centric vision of client service.
That's the word from President and Managing Partner David Austin, whose firm has grown its staff in the Portland office as well as its four other locations. The firm opened its Portland office in 2012 and in just four years moved to larger offices there to accommodate growing ranks.
That growth is in keeping with what appears to be a statewide and national trend in the law profession. Also in keeping with state and national trends, Eaton Peabody is working on issues related to aging demographics and retention of younger attorneys.
But Eaton Peabody prefers to focus on these questions as opportunities, not challenges, says Austin.
“Good lawyers and good relationships is really what it comes down to,” he says. “We have a fairly unique perspective, for a larger law firm, of focusing on Maine clients and their needs. Some of our peers have taken the extra step beyond Maine. Not to say we wouldn't ever do that. But our vision is Maine-focused. It's a bit of an underserved market. So there's a lot of opportunity.”
Graying of the bar
In Maine, there's anecdotal evidence that legal practices might be mirroring national growth trends, says Angela Weston, executive director of the Maine State Bar Association, with 3,100 members, or about 70% of in-state Maine-licensed attorneys.
“We don't track that information, but we see evidence of firms growing,” she says. “We see attorneys or firms that are advertising for new associates. And there have been some mergers of firms over the last few years.”
But the profession, both in Maine and across the country, is challenged by aging demographics, says Weston.
“We all know that baby boomers are getting to the point where they're starting to retire,” she says. “Maine is a very old state when it comes to attorneys. We call it the 'graying of the bar.'” She notes that 58% of the bar association's members are over age 50.
It's unclear how the retirement cliff syncs with growth that firms might be experiencing.
“Does it mean that attorneys are moving around? Are some firms gaining attorneys and others are losing? Or are some solos now joining firms because they don't want to be on their own anymore as they age?” Weston asks.
How to solve the graying of the bar is “the million-dollar question,” she says. “It's what bars are working on in Maine and across the country. I think firms generally are trying to hire young attorneys. And in the bar association, as well as our leadership positions, we're trying to attract younger members. We want them to feel a sense of community within their profession, and to meet with colleagues their age and more experienced colleagues with whom they can form mentorship relationships.”
Like the bar association, Eaton Peabody is concerned about aging demographics.
“We're always looking at that,” says Austin. “Maine is challenged by, not only the next generation of attorneys, but the next generation of local business owners coming up and growing businesses here in the state.”
New opportunities
Eaton Peabody started in 1917, with Bangor business lawyer George F. Eaton. He was joined in 1937 by George F. Peabody. They focused their practice on civil and business law, particularly for clients in northern and eastern Maine. The firm grew and moved to its current Exchange Street location in 1977. The growth of an economic development practice, in the late 1990s, led to the creation of Eaton Peabody Consulting Group. Today, the firm and its affiliates combine nearly 60 attorneys and consultants with over 50 support staff to serve clients throughout Maine and beyond from offices in Augusta, Bangor, Brunswick, Ellsworth and Portland.
Eaton Peabody ranks No. 6 among Maine's largest law firms, based on the number of attorneys in the state, according to a Mainebiz list published on Page 26 of this issue.
Establishment of the Ellsworth, Augusta and Brunswick offices was driven by opportunities to affiliate with various attorneys in those areas. Being in Portland was important to the firm's growth, and driven by having a presence in the economic center of the state.
“A lot of our traditional client base, especially for the northern Maine region, has expanded to the Portland region,” he says. “So it was a natural expansion for us and it opened new opportunities.”
The Portland office opened with three attorneys. Now it's at 15. Support staff, like paralegals, has grown as well. Earlier this year, Eaton Peabody leased larger space at 100 Middle St. in Portland, moving from One Portland Square. The firm's new digs “gives us a little more breathing room and lets us think about what we want to do in the future,” Austin says.
The Portland office meant new opportunities, adding “strength on strength.”
“That means there are people who do what we do now in our practice, so it's an opportunity to align ourselves with additional professionals who share our vision and values,” he says.
It has also been an opportunity to look at new areas of practice. The most recent example is the expansion of an employee benefits practice — a niche waiting to be filled.
“There are few people in that practice area,” Austin says. “But it's incredibly important to our clients and it's becoming increasingly complex. There's a lot of need and few truly sophisticated practitioners in that area.”
Recruitment
Eaton Peabody hasn't found it difficult to recruit lawyers. But there's definitely a focus on pulling in younger lawyers.
“They're our future, so I'd like to invest as much as we can in their careers,” Austin says. “When we present an offer to someone who is 25 years old — 'We want you to become a partner and be here the rest of your career' — they're not thinking like that at their age. So we want to make this a place where they really do want to practice. We want to provide challenging work where they feel motivated on a daily basis, and feel like they're being mentored and being listened to in terms of how they want to grow their careers and eventually become a stakeholder or partner.”
The firm provides economic incentives on a case-by-case basis, depending on position.
More important, he says, are mentorships and associate development programs that help new attorneys pursue their own paths.
Austin credits the University of Maine School of Law for drawing potential attorneys to Maine, and the Maine lifestyle for retaining them.
“There are a number of people who attended Maine Law who might not have intended to live and stay in Maine, but figured out quickly that this is great place and stayed on for the long term,” he says. “A lot of people have made the conscious decision that they want a little difference pace, but also to have the ability to maintain a pretty sophisticated practice.”
Austin hints there will be further developments in the future with regard to the Portland office. In the meantime, he says, “We have wonderful professionals who have aligned with us, some at the end of their career but providing incredible advice, particularly to younger attorneys. And we have younger attorneys coming on, full of energy. It's a good combination.”
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