Today I learned a new word - Gerontocracy
Today I came across an article claiming many traditional law firms are are gerontocracies and that the older age of ownership of those law firms tends to have an impact on their operations. Specifically if the owners are much closer to retirement age (whatever that age is in natural years) then you get pressures against any risky investments that have a longer payoff window which can be at odds with the success of the firm long term.
I hadn't seen the word before so I had to look up the definition of what a gerontocracy is:
A gerontocracy is a form of oligarchical rule in which an entity is ruled by leaders who are significantly older than most of the adult population.
The article was worth reading if just for learning that new word!