Term limits remain a popular policy reform and have generated a great deal of scholarship as a result. Although many predicted that term limits would benefit the Republican party, the literature finds no marked partisan effects, possibly because termed-out legislators have largely been replaced by copartisans. This article demonstrates that term limits have indeed had partisan effects — just not on electoral outcomes. Term limits have caused a significant reallocation of institutional power from Democrats to Republicans (as measured by contributions from access-oriented interest groups), in large part because they have removed more senior Democrats than Republicans. The partisan effects of term limits therefore point to the institutional value of seniority.