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If the younger generations aren't interested in partnership, doesn't that, quite literally, devalue the idea?

After all, partnership means buying in, with real money, and there is an element of supply and demand. If no one wants to buy the share of the retiring partner, is that share worth what the accountants say... or nothing?

I'm not so optimistic. Patrick Hammer's observation contains a non sequitur. The fact that many people would make rotten managers does not necessarily dissuade them from pursuing that role. Indeed, the contrary usually applies: the best managers are frequently those least interested in dominance, while the worst tend to be those most fixated on "being the boss."

Very few people have accurate self-images. Even those who DO will not always make decisions based on their talents but usually prefer to pursue their ambitions and dreams, even if inconsistent with their abilities. It is folly to assume that self-selection will produce better leaders. Just look at people who run for office.

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